POLROČNÉ VÝSLEDKY
Univers.Multimédia
€0.39
16:30 01/09/22
POLROČNÉ VÝSLEDKY ZA 30 MESIACOV KONČIACICH 2024. JÚNA XNUMX
RESILIENT FINANCIAL PERFORMANCE CONTINUES WITH STRONG BALANCE SHEET, CASH FLOW GENERATION AND EBITDA MARGINS
Antofagasta plc CEO Iván Arriagada said: "Antofagasta demonstrated its resilience in the first half of the year, maintaining EBITDA margins, generating savings and productivity improvements of $130 million and advancing with key projects that provide a strong platform for future growth. In terms of financial results, revenue rose by 2% and EBITDA increased by 5% during the first half of 2024.
"Importantly, our growth plan remains on track, with the Centinela Second Concentrator moving forward ahead of schedule and initial work starting at new Los Pelambres projects.
"With a strong balance sheet, EBITDA margins and cash flow generation to fund our expansion plans and sustaining capex, the board of directors has approved an interim dividend representing 35% of net earnings, in line with the Company's dividend policy."
UNAUDITED RESULTS SIX MONTHS ENDED 30 JUNE |
| H1 2024 | H1 2023 | % |
Výnosy1 | $m | 2,955.2 | 2,890.1 | + 2.3% |
EBITDA | $m | 1,394.4 | 1,331.0 | + 4.8% |
EBITDA marža2 | % | 47.2 | 46.1 | +1.1 str |
Profit before tax (including exceptional items) | $m | 712.6 | 764.5 | (6.8%) |
Peňažný tok z operácií | $m | 1,483.9 | 1,296.4 | + 14.5% |
Čistý dlh / EBITDA1 | X | 0.46 | 0.27 | + 70% |
Earnings per share (including exceptional items) | centov | 26.3 | 33.5 | (21.5%) |
Underlying earnings per share (excluding exceptional items)1 | centov | 22.4 | 33.5 | (33.1%) |
Dividenda na akciu | centov | 7.9 | 11.7 | (32.5%) |
1Non-IFRS measures. Refer to the alternative performance measures section on page 56 in the half-year financial report below.
2Calculated as EBITDA/Revenue. If Associates and JVs' revenue is included, EBITDA Margin was 44.5% in HY 2024 and 43.2% in HY 2023.
POPIS
● Continued strong safety performance recorded in H1 2024, with no fatalities and an injury frequency rate continuing at a level below 1.0.
● Copper production was 284,700 tonnes, 4% lower year-on-year, principally representing a balance of lower production at Centinela concentrates, and higher production at both Centinela Cathodes and Los Pelambres.
● Cash costs before and after by-product credits were $2.65/lb and $1.94/lb, 7% and 11% higher than H1 2023, due to lower ore grade and recoveries at Centinela concentrates and lower grades at Los Pelambres.1
● EBITDA was $1,394.4 million, 5% higher than in H1 2023 on higher revenues, maintaining our strong EBITDA margin[2] of 47.2%. Cash flow from operations increased by 14% to $1,483.9 million.
● The balance sheet remained robust with a net debt to EBITDA ratio of 0.46x, after supporting shareholder distributions and investment in future production, in line with the Company's capital allocation framework.
● As previously announced, total production for 2024 is expected to be at the low end of the Company's 670-710,000 tonne guidance range.
● Given projected production for the full year, cash costs before by-product credits are expected to be $2.40/lb and net cash costs expected to be $1.70/lb (based on current spot prices).
● The Competitiveness Programme generated savings and productivity improvements of $130.0 million in H1 2024, equivalent to 20.7c/lb of unit cash costs, in line with our plan.
● The Company's growth programme remains on track, with construction of the Centinela Second Concentrator currently ahead of schedule and initial groundworks commencing at Los Pelambres' desalination plant expansion, concentrate pipeline and El Mauro enclosures.
● Interim dividend of 7.9 cents per share announced, equivalent to a pay-out ratio of 35% of underlying net earnings in line with the Company's capital allocation framework.
A recording and copy of the 2024 Half Year Results presentation is available for download from the Company's website www.antofagasta.co.uk.
There will be a Q&A video conference call at 2:00pm (UK) today hosted by Iván Arriagada - Chief Executive Officer, Mauricio Ortiz - Chief Financial Officer and Alejandra Josefina Vial - Vice President Sustainability. Participants can join the conference call via the following link:
https://antofagasta-2024-hy-results.open-exchange.net/registration
Investors - London Media - Londýn
Sad Rosario [chránené e-mailom] Carole Cable [chránené e-mailom]
Robert Simmons [chránené e-mailom] telefón +44 20 7404 5959
Telephone +44 20 7808 0988
Médiá - Santiago
Pablo Orozco [chránené e-mailom]
Carolina Pica [chránené e-mailom]
Telephone +56 2 2798 7000
Register on our website to receive our email alerts http://www.antofagasta.co.uk/investors/email-alerts/
FINANCIAL AND OPERATING REVIEW
FINANČNÉ VÝZNAMY
Revenue for the first half of 2024 was $2,955.2 million, 2% higher than in the same period last year, as a result of realised prices for copper and gold being higher by 10% and 16% respectively, partially offset by 6% lower copper and 23% lower gold sales volumes.
The average realised copper price rose by 10% in H1 2024 to $4.40/lb.
EBITDA during the first six months of 2024 was $1,394.4 million, 5% higher than in the same period in 2023, mainly reflecting the Company's higher revenue.
EBITDA margin remained robust in H1 2024 at 47.2%, compared with 46.1% in H1 2023.
Profit before tax (excluding exceptional items) was $661.6 million, 13% lower than the same period in 2023, reflecting the movements described above offset by higher depreciation and amortisation, mainly as a result of the commencement of depreciating the assets at the Los Pelambres Phase 1 Expansion project, which is now in operation.
An exceptional fair value gain of $51.0 million was recognised in H1 2024 in respect of the agreement to acquire up to an additional 30 million shares in Compañía de Minas Buenaventura S.A.A. ("Buenaventura"). A deferred tax expense of $12.7 million has been recognised in respect of this gain, resulting in a post-tax impact of $38.3 million.
Profit before tax (including exceptional items) was $712.6 million, 7% lower than in the same period in 2023.
Earnings per share for the year (including exceptional items) were 26.3 cents, a decrease of 21% compared with H1 2023.
Cash flow from operations was $1,483.9 million, a 14% increase compared with the same period last year, following a positive movement in creditor balances.
The Board of Directors of the Company has declared an interim ordinary dividend of 7.9 cents per share, equal to a 35% pay-out of underlying earnings per share, which represents a level in line with the Company's dividend policy.
PRODUCTION AND CASH COSTS
Group total ore throughput increased in comparison with H1 2023, resulting from the Los Pelambres Phase 1 expansion project (44%) and operational improvements in our copper cathodes plants at Centinela (11%), Antucoya (6%) and Zaldívar (16%).
Copper production in H1 2024 was 284,700 tonnes, 4% lower year-on-year, principally representing a balance of lower production from Centinela concentrates, and higher production at Centinela cathodes and Los Pelambres, with the latter happening despite the inventory build-up at Los Pelambres in February 2024.
For the first six months of the year, gold production decreased by 22% to 66,900 ounces, reflecting lower gold grades at Centinela.
Molybdenum production in H1 2024 was 5,200 tonnes, 6% higher than in the same period last year due to higher ore processing rates at Los Pelambres.
Cash costs in H1 2024 were $2.65/lb, a year-on-year increase of 7% due to lower ore grades and recoveries at Centinela concentrates and lower grades at Los Pelambres.
Net cash costs were $1.94/lb for the first half of the year, 11% higher than the same period in 2023, with this increase driven by the increase in the underlying cash costs before by-product credits.
COMPETITIVENESS PROGRAMME
The Competitiveness Programme was implemented to reinforce the operational improvement and reduce the Group's cost base, improving its competitiveness within the industry. During the first half of 2024, the programme achieved improvements of $130 million in the mining division, mainly related to operational efficiencies ($74m), throughput run time ($34 million) and contract management ($22 million).
NÁKLADY NA PRIESKUM A HODNOTENIE
Exploration and Evaluation costs were $26.8 million. This expenditure is mainly related to exploration activities in Cachorro and Encierro projects (Chile) as well as in international pre-feasibility stage explorations at Twin Metals Minnesota (USA).
DANE
The effective tax rate for H1 2024, excluding exceptional items, was 43.3%, compared to 30.0% in H1 2023, which in turn included a one-off adjustment to the provision for deferred withholding tax that reduced the effective tax rate in H1 2023. Including exceptional items (being the fair valuation of the Company's investment in Buenaventura), the effective tax rate for H1 2024 was 42.0%.
The ad-valorem element of the new royalty was $13.0 million in H1 2024, which is not included in the Company's effective tax rate.
For more information, please see the Financial Review Section of this report.
The income tax expense for H1 2024 was $299.5 million compared to $229.3 million in H1 2023.
CAPITAL EXPENDITURE AND DEPRECIATION & AMORTISATION
Capital expenditure in H1 2024 was $1,059.5 million (H1 2023: $1,021.9 million), including $340.5 million of sustaining capital expenditure, $202.1 million on mine development, $497.6 million of growth expenditure and $19.3 million within the Transport division.
Group capital expenditure for the full year is expected to be $2.7 billion, in line with stated guidance.
Depreciation and amortisation increased by $135.9 million to $647.2 million, primarily driven by higher depreciation at Los Pelambres following completion of the Phase 1 Expansion project, alongside increased amortisation of IFRIC 20 mine development stripping assets.
ALOKÁCIA KAPITÁLU
The Company's capital allocation framework is integral in the process to allocate investments for sustaining capex, development capex and shareholder returns. Whilst the Company remains committed to copper production, which retains a positive long-term outlook, a prudent and consistent approach to capital allocation is required to generate shareholder returns.
Cash flow from operations increased to $1,483.9 million in H1 2024, compared with $1,296.4 million in H1 2023.
Net debt at the end of the period was $1,438.6 million (31 December 2023: $1,159.8 million), with this increase reflecting the operating cash generation being offset by capital expenditure and dividend. The Net debt to EBITDA ratio at the end of the period was 0.46 times (31 December 2023: 0.38 times).
The Board has declared an interim dividend of 7.9 cents per share, equivalent to $77.9 million and a pay-out of 35% of underlying earnings per share, consistent with the Company's policy and previous interim dividends. Any distribution of excess cash for the year, as defined under the policy, will be made as part of the final dividend.
PÔROD
In the Mining division, an early labour negotiation with one of the employees' unions at Centinela was successfully concluded by the end of May 2024, resulting in a 3-year contract with a one-off payment fully expensed in Q2 2024. There are no further collective labour contract negotiations scheduled for the remainder of this year.
The Group is well-placed to move forward with the implementation of changes that came into force with respect to updated labour legislation in Chile, with changes pertaining to working hours, work-life balance, and the prevention of labour and sexual harassment and violence in the workplace.
udržateľnosť
Zdravie a bezpečnosť
The wellbeing of our workforce is a key aspect of the Company's strategy. Integrating physical and mental health into our business is pivotal to maintain our operational excellence. The Company implements a wide range of control strategies to promote a safety-first production culture, emphasising the planning and supervision of high-risk tasks as central to the prevention of occupational injuries and illnesses.
The Company is pleased to report another fatality-free period in H1 2024 (H1 2023: zero), with injury frequency rates continuing in line with the strong performance recorded in 2023 - including a lost time injury frequency rate of 0.67 in H1 2024 (FY 2023: 0.63) and a total injury frequency rate of 1.85 in H1 2024 (FY 2023: 1.81).
Reporting and understanding organisational causes of all high potential incidents (HPIs) is reinforced to capture all lessons learnt and then shared amongst all operations avoiding repetitions. As a result of an analysis conducted during H1 2024, all light vehicles and heavy equipment are in the process of being equipped with fatigue and distraction monitors, to help reinforce safe-driving behaviours. As a key leading indicator of health and safety, the Company was pleased to record a further improvement in HPIs in 2024, with 13 incidents recorded during the first half of the year (FY 2023: 34). Accordingly, the incidence rate for HPIs in H1 2024 was 0.08 (FY 2023: 0.10).
The Company's growth and development projects are a key area of focus, with large numbers of external contractors mobilised to each operation, which requires careful oversight to ensure the successful integration within the Company's health and safety procedures. Year-to-date performance at the Centinela Second Concentrator, and Los Pelambres' desalination plant expansion, installation of the concentrate pipeline and El Mauro enclosures has recorded zero lost time injuries, with this result recorded within the Company's overall safety performance.
prostredie
The integration of environmental management with the Company's business model is key to maintaining the Company's operational excellence. In H1 2024, the Company strengthened its environmental management model that promotes a culture of prevention, with a focus on the timely identification, management, and control of our environmental risks, based on a reliable system and the leadership of those responsible for each process.
During the first half of 2024, no operational events with serious environmental consequences have been recorded. In addition, the Company made progress in H1 2024 in developing the strategy for implementing the necessary environmental controls to comply with new Chilean regulations on environmental economic offences.
komunity
As part of its business strategy, the Company is committed to partnering with local communities on a journey that fosters their development and well-being. By maintaining proactive engagement through transparent dialogue, the Company aims to gain a deeper understanding of each communities' needs, enabling effective collaboration on social projects.
In central Chile, near Los Pelambres, recent community engagement efforts in the Province of Choapa included the following:
● Somos Choapa: We delivered 155 initiatives jointly with the community over the first phase of this programme. These initiatives include the restoration of 550 sqm of public stairways in Los Vilos; the completion of the In Action Programme, which is focused on strengthening neighbourhood organisations and Tesoros del Choapa heritage recovery, among other initiatives.
· Suppliers for a Better Future Programme: In May 2024, the Company hosted a closing ceremony for the 2023 iteration of this programme, which has helped to support approximately 100 local suppliers connected to the Company's accommodation, transportation, logistics, minor works, maintenance, and other services. The programme has provided training to local suppliers to develop their own internal business and compliance capabilities as part of becoming eligible for the Los Pelambres supply chain. At the end of this process, 40% of the participants were awarded a service contract to work with Los Pelambres or its contracting companies.
Community engagement highlights in the north of Chile include:
● Social Enablement Strategy at Zaldívar:
§ Heritage Preservation - Ancestral Recipes: Jointly with the Municipality of San Pedro, and with over 3,000 participants from the indigenous communities of the Salar, the publication of the "Ancestral Recipe" book was launched. This initiative seeks to preserve the traditional foods, recipes, and family histories of Peine, which will later be documented in a film.
§ Education - Salar Scholarships: In May, we hosted the awarding ceremony of higher education scholarships to indigenous communities of the Salar de Atacama, which benefited 31 youths from the localities of Camar, Socaire, and Peine.
· Employability and Supply Strategy - Centinela Second Concentrator Project: With a focus on local employment, Centinela has hosted a number of job fairs and information sessions, receiving more than 2,300 resumes from residents of the local communities of Sierra Gorda, Mejillones, María Elena, and Tocopilla. In parallel, in conjunction with the Association of Industrialists of Antofagasta, Centinela organised a Business Roundtable, bringing together more than 300 regional suppliers.
Rozmanitosť a začlenenie
The Company continues to promote diversity within its workforce, as it sees the tangible benefits to leadership and decision-making, increasing female representation from 8.8% at the point of launching our Diversity and Inclusion Strategy in 2018, to over 23% at the end of 2023 and 24.5% as of June 2024. The Company's aim is to achieve a level of 30% female representation within the workforce by the end of 2025.
Progress in improving diversity and inclusion is achieved by attracting, recruiting, developing and retaining the right individuals for the role at hand. Recruitment across the Company in 2023 achieved gender parity, with women representing 52% of the 1,102 individuals recruited.
The Company's diversity and inclusion programme at Antofagasta includes attracting and retaining people with disabilities (both seen and unseen) throughout our business. Across the Group, 1.5% of those working for Antofagasta have a registered disability, exceeding a regulatory-mandated minimum in Chile of 1.0%.
Climate change and emissions
Following the publication of the Company's new emissions reduction targets in February 2024 (shown below) and the Climate Action Plan in March 2024, the Company is undertaking a series of initiatives to help progress a further reduction of its emissions footprint.
· Scope 1 and 2 (combined): targeting a 50% reduction by 2035 against a baseline year of 2020 (on the basis of absolute emissions).
· Scope 3: targeting a 10% reduction by 2030 (relative to a no-action scenario of projected emissions).
· In addition, the Company maintains its carbon-neutral target for 2050.
Examples of initiatives being advanced at the current time include the trial of trolley assist technology at Los Pelambres and a fuel efficiency programme that is being jointly implemented through the Company's innovation, decarbonisation and advanced analytics teams. Diesel consumption represents approximately 90% of the Company's Scope 1 emissions and is therefore a key focal point for decarbonisation efforts.
The Company's Transport division expects to take delivery of a hydrogen-powered locomotive in H2 2024, which will be an important milestone in the Company decarbonisation journey and commitment to test and develop alternatives to fossil fuels.
voda
The effects of climate change are evident in Chile through the changing availability of water. The Company's operations are located in the Regions of Antofagasta and Coquimbo, where water consumption is a key consideration.
At Los Pelambres, on 26 July 2024 a new declaration of severe drought condition was issued, for a new one-year period. Consequently, the water redistribution agreement approved by the DGA (Chile's water administration department) in March 2024 took effect again and certain conditions are required to be completed to enable Los Pelambres to extract up to 400 l/s. Los Pelambres is working with the JVRCH (Junta de Vigilancia Río Choapa) and the DGA to expedite this process.
Following the construction of the Company's inaugural desalination plant for Los Pelambres, approximately half of the water withdrawal at this operation is now from sea water. Work is already underway to double the capacity of this facility (from 400 l/s to 800 l/s), which would largely remove Los Pelambres from continental water sources, and further details of this project are available on page 12 of this report.
In the north of Chile, Centinela and Antucoya operate on 100% raw seawater. Zaldívar has submitted an Environmental Impact Assessment Study to undertake a transition to sea water (or third-party water) sources, which is currently under evaluation. Details of this application are provided on page 11 of this report.
With the Los Pelambres desalination plant commissioned, the past year represented the first year whereby water withdrawals from seawater exceeded continental water sources, increasing to 60% in 2023 and 64% in H1 2024 (2022: 45%).
Further operational improvement initiatives underway to reduce water use and increase water recovery, which are included in our annual water usage efficiency programmes, include pilot projects to increase water recovery from tailings at Centinela and Los Pelambres, and initiatives to cover operational water ponds at Centinela and Antucoya.
Dodávatelia
The Company continues to develop its Suppliers for a Better Future Programme, launched in December 2022, aiming to align supplier best practices with the Group's vision and strategic framework. Following this purpose, in June 2024, the Company signed a collaboration agreement with 20 key suppliers with a clear focus on promoting gender diversity in its contractor workforce and enhancing competitiveness and productivity at a supplier level.
To maintain progress in improving suppliers' capabilities, jointly with Alta Ley Corporation, the Company has implemented a training and guidance programme on the calculation of greenhouse gas emissions for a group of suppliers, as part of the copper sector's Scope 3 emissions measurement working group. In addition, the Company has commenced a second edition of our regional supplier development sub-programme in partnership with the Universidad Católica del Norte (UCN), with 60 new participants, with a focus on the promotion of high standards in sustainability and innovation.
The Company continues to strengthen its relationships with local stakeholders through the organisation of business roundtables, in collaboration with our partner SICEP (Supplier qualification system) of the Antofagasta Industrial Association (AIA). During Exponor 2024, the Company held business roundtables with more than 500 national and international suppliers.
INOVÁCIE
Cuprochlor-T®
During H1 2024, the Company progressed in trial test work with samples provided by third-party mine sites, with a view to commercially validating Cuprochlor-T in the market. In parallel, a pre-feasibility study based on Cuprochlor-T to extend the life of the Zaldívar mine is currently being finalised, following the heap-leach heating pilot conducted in 2023.
2024 GUIDANCE (as previously announced)
As previously disclosed in the Q2 2024 Production Report, total production for 2024 is expected to be in the lower end of the Company's 670-710,000 tonne guidance range. At Los Pelambres, given that the existing concentrate pipeline is currently operating with enhanced parameters for safety and maintenance, which are periodically reviewed by the Company, combined with the high throughput rates that are being achieved at the processing plant, the drawdown of the inventory accumulated in February 2024 is now expected to be completed in the next 2-3 quarters. In the case of Centinela, following lower grades in H1 2024, the clay and fines content in ore fed to the concentrator plant, which has impacted recoveries, is expected to reduce towards the end of the year, thereby increasing recoveries over the second half of the year.
Following projected production for the full year, cash cost guidance, both before and after by-product credits, is expected to be $2.40/lb and $1.70/lb respectively (based on current spot prices).
Smernica o kapitálových výdavkoch zostáva nezmenená na úrovni 2.7 miliardy USD.
VÝHĽAD DO BUDÚCNOSTI
Rising demand for copper is primarily driven by the energy transition, with electric vehicles, renewable power and related infrastructure providing support to global copper prices. Demand is forecast to grow by between 2% and 3% per annum through to 2030. On the supply-side, fundamental technical challenges are grade decline and rising ore hardness, while increasing permitting delays, infrastructure challenges and rising mine construction costs suggest a likely contraction or very measured growth in existing mine supply in the medium- to long-term. The gradually shifting balance of global copper demand and supply is therefore supportive of copper's fundamental value.
The Company has a significant Mineral Resource base of more than 21 billion tonnes of resources, including more than 6 billion tonnes and 5 billion tonnes at Los Pelambres and Centinela respectively.
The Company has a range of growth projects being implemented throughout our portfolio that will provide incremental growth in the medium-term, including the construction of the Centinela Second Concentrator Project, which is expected to provide a pathway to grow output to approximately 900,000 tonnes of copper production. The Company will continue to evaluate opportunities to accelerate the execution of selected development projects.
REVIEW OF OPERATIONS AND PROJECTS
MINING DIVISION
LOS PELAMBRES
Finančný výkon
EBITDA at Los Pelambres was $885.1 million in the first half of 2024, a 17% increase compared with $756.4 million in the first six months of 2023. This increase was mainly due to higher copper revenue (3% higher sales and 13% higher price), which was partially offset by higher operating costs during the period (11% increase).
Výroba
Copper production in H1 2024 was 132,500 tonnes, representing a year-on-year increase of 3%. This movement reflects a balance between the higher level of ore processing in 2024 following the completion of the Phase 1 Expansion Project, offset by the accumulation of concentrate inventories due to extended maintenance in Q1 2024 at the concentrate pipeline and lower grades.
Ako je uvedené vyššie, údržba potrubia v Q1 2024 viedla k tomu, že v spracovateľskom závode sa skladovali zásoby koncentrátu. Spoločnosť sa snaží previesť tento materiál do prístavu Spoločnosti v Los Vilos v priebehu nasledujúcich 2-3 štvrťrokov, kde bude zaznamenaný ako výroba.
Molybdenum production for the first six months of the year increased by 24% to 4,200 tonnes (from 3,400 in H1 2023), due to higher throughput. Gold production in H1 2024 decreased by 4% to 18,900 oz (from 19,600 oz H1 2023), due to lower grades, offset by higher throughput rates.
náklady
Cash costs before by-product credits rose by 6% in H1 2024 on a year-on-year basis to $2.16/lb, reflecting 17% lower ore grades, compensated by increased throughput from the Los Pelambres Phase 1 Expansion project, the depreciation of the Chilean peso and lower unit costs for key consumables, such as diesel, grinding media and explosives.
Net cash costs in H1 2024 were 3% higher than H1 2023, primarily as a result of the increase in underlying cash costs, with an increase in the by-product credit to 95c/lb (H1 2023: 87c/lb) serving to partially mitigate this increase.
Kapitálové výdavky
Total capital expenditure at Los Pelambres in the first six months of 2024 was $355.1 million, of which $189.5 million was sustaining capital expenditure, $80.2 million was mine development and $73.0 million was on the Los Pelambres Expansion project.
Compared with H1 2023, total capital expenditure decreased by 27%, with this decrease including a $164.7 million decrease in expenditure on the Los Pelambres Expansion, a $16.2 million decrease in mine development and a $43.7 million increase in sustaining capital expenditure.
SENTINEL
Finančný výkon
EBITDA for the first six months of 2024 was $329.9 million, a decrease of 30% compared with the first half of 2023. This decrease was principally due to lower copper concentrates sales volumes (44% decrease), partially offset by higher copper cathodes sales volumes (27% increase) and the higher realised copper price compared with the same period last year.
Výroba
Total copper production in H1 2024 was 15% lower on a year-on-year basis at 93,000 tonnes, with this movement primarily driven by lower grades at the concentrator.
Copper in concentrate production in H1 2024 was 41% below the same period in 2023, with 43,600 tonnes produced. This year-on-year decrease in output reflects the lower grades and harder ores mined in Q1 2024, in line with the mine plan, and lower copper grades and lower recoveries in Q2 2024, partially offset by an increase in ore throughput rates.
Cathode production in H1 2024 of 49,400 tonnes represents a level 41% higher than the same period in 2023 and reflects an increase in the factors discussed above for Q2 2024, as well as higher recovery rates.
Gold production in H1 2024 was 48,000 ounces, representing a level 28% lower than the same period in 2023, and this year-on-year change is primarily the result of lower gold grades within the ores processed, as well as lower recoveries.
Molybdenum production in H1 2024 decreased by 33% to 1,000 tonnes (from 1,500 tonnes in H1 2023), due to lower grades.
náklady
Cash costs before by-product credits in H1 2024 were $3.31/lb, 17% higher on a year-on-year basis due to lower production, driven by lower grades, offset by depreciation of the Chilean peso.
Net cash costs in H1 2024 were 32% higher at $2.48/lb, with this increase reflected in movements in the underlying cash cost and lower by-product credits because of lower gold production.
Kapitálové výdavky
Capital expenditure in the first six months of 2024 was $631.3 million, of which $118.9 million was sustaining capex, $107.5 million was mine development and $404.9 million was development capex, of which $345.0 million was on the Centinela Second Concentrator project (H1 2023: $51.7 million).
Compared with H1 2023, total capital expenditure at Centinela increased by 38% in H1 2024, as a result of $334.4 million higher expenditure on development capital expenditure partially offset by a $176.8 million decrease in mine development.
ANTUCOYA
Finančný výkon
For the first half of the year, EBITDA was $133.9 million, an increase of 31% compared with $102.2 million in the same period last year, due to the higher realised copper price and higher sales volumes.
Výroba
Copper production in H1 2024 of 40,300 tonnes represents a level 6% above the same period in 2023, reflecting higher throughput rates.
náklady
Cash costs in H1 2024 of $2.58/lb were 5% lower as a result of depreciation of the Chilean peso and reduced unit costs for key consumables.
Kapitálové výdavky
Capital expenditure in the first six months of the year was $52.0 million, of which $37.1 million was sustaining capex, $14.4 million was mine development and $0.6 million was development capex.
Compared with H1 2023, capital expenditure increased by 26% in H1 2024, which was due to an increase of $6.3 million in sustaining capital expenditure and $4.6 million on mine development.
ZALDÍVAR
Finančný výkon
Attributable EBITDA at Zaldívar was $50.9 million in the first half of 2024, compared with $42.5 million in the same period last year because of the higher realised copper price, partially offset by lower sales volumes.
Výroba
Total attributable copper production of 18,900 tonnes in H1 2024 at Zaldívar was 5% lower than the same period in 2023, as a result of lower grades and recoveries, with these factors partially offset by an increase in ore throughput rates.
náklady
During H1 2024, cash costs of $2.97/lb were in line with the same period in 2023, reflecting a balance of depreciation of the Chilean peso, lower unit costs for key consumables and a reduction in costs associated with planned maintenance, offset by an increase in costs associated with the utilisation of inventory from prior periods and consumption rates.
Kapitálové výdavky
In the first six months of 2024, attributable capital expenditure was $16.5 million, of which $10.3 million was sustaining capital expenditure and $6.3 million was development capital expenditure.
Compared with H1 2023, capital expenditure was 17% lower, mainly due to a decrease of $4.7 million in sustaining capital expenditure partially offset by an increase of $1.4 million on growth expenditure.
Ďalšie záležitosti
In early 2024, approval was received from the authorities for the DIA (Declaration of Environmental Impact) to extend the mining permit and, therefore, align the water and mining permits at Zaldívar. This approval ensures that the operation has rights to mine ore and extract water until 2025. The mine life after 2025 is, therefore, subject to the approval of and Environmental Impact Assessment (EIA).
With 9 months to the current permit's expiry date (Sept 2024-May 2025), the formal process for reviewing the EIA submitted for Zaldívar continues, with responses to the second round of queries raised by various government agencies in Chile currently being prepared by the Company for planned submission in Q4 2024. For reference, the Company had responded to the first round of queries in Q1 2024, and a summary of the EIA submitted and the application process to date was provided in the Company's Q1 2024 Production Report. The process envisages up to three rounds of comments and responses.
Under local environmental regulations if the EIA is not favourably resolved by the current permit expiry date in May 2025, Zaldívar will be required to have in place at that time an approved temporary closure plan.
Bez ohľadu na vyššie uvedené povolenia a ako už bolo uvedené, spoločnosť (ako aj ďalší menovaní obžalovaní) predložili odpoveď, ktorá je v rozpore s obvineniami zo strany Consejo de Defensa del Estado (CDE), nezávislej vládnej agentúry, ktorá zastupuje záujmy Čile. štátu, ktorý predtým podal žalobu proti spoločnostiam Minera Escondida, Albemarle a Zaldívar, pričom tvrdil, že ich ťažba vody z vodonosnej vrstvy Monturaqui-Negrillar-Tilopozo v priebehu rokov ovplyvnila hladinu podzemnej vody. Dôkazný záznam je teraz uzavretý a čaká sa na rozhodnutie súdu. Rozhovory o možnom vyrovnaní však pokračujú.
TRANSPORT DIVISION
Finančný výkon
EBITDA at the Transport Division was $42.5 million in the first half of 2024, a 9% improvement on the same period last year due to lower operating costs.
Transport volumes
The total volume transported in H1 2024 result was 3.5 million tonnes representing a 1% decrease year-on-year. Rail volumes performed ahead of the prior period as a result of higher demand for the transportation of concentrates and sulphuric acid. Road volumes in H1 2024 were lower, predominantly as a result of reduced levels of activity related to customers producing lithium brines.
Kapitálové výdavky
Capital expenditure for the first half of the year was $19.3 million, a decrease of 22% compared with the same period in 2023.
OPERATIONS - KEY GROWTH PROJECTS AND OPPORTUNITIES
Operácie | Popis | CAPEX | Capex to date1 | postavenie | Komentáre |
Los Pelambres |
|
|
|
| |
Phase 1 Expansion | Construction of a desalination plant (400 L/S) and additional concentrator line, facilitating plant capacity of 210kt per day. | 2.3 miliárd dolárov | Dokončené | Operational (2024) | Operational. Commissioning began in H2 2023, with opening ceremony held in March 2024. |
Desalination plant expansion | Key enabling project for future growth - project to double capacity of existing desalination plant to 800 L/S and effectively decouple the operation from continental water sources. | Approx. $1Bn | $ 98 | Underway (2027) | EIA approval received in late 2023. Purchase orders of key filtration equipment executed. |
Concentrate pipeline and El Mauro enclosures | Key enabling project for future growth - installation of a new concentrate pipeline and development of certain planned enclosures at the El Mauro tailings storage facility. | Approx. $1Bn | $ 61 | Underway (2027) | EIA approval received in late 2023. Construction work commenced H1 2024. 100% of the required piping received. |
Možnosti vývoja | Mine life extension beyond 2035, adding a minimum of 15 additional years by increasing El Mauro's capacity (1.2bt). The EIA will include the option to increase throughput to 205ktpd annual average (from 190ktpd) and the option to enable a modular increase of any water requirement for the enlarged capacity of this operation up to 800 l/s, after the current expansion. | Under study Approx. $2Bn | N / A
| Fáza hodnotenia | EIA in preparation. |
hliadka |
|
|
|
| |
Second Concentrator Project | Brownfield development to add 170,000 tonnes of copper-equivalent production and lower Centinela district towards the first quartile of global cash cost curve. | 4.4 miliárd dolárov2 | $ 400 | Underway (2027) | Full construction commenced in April 2024. $600m received for the transfer of water assets. |
Encuentro mine development | Mine development work to access sulphide ores below at the existing Encuentro oxide pit. | Approx. $1Bn | N / A | Not commenced (2027-2028) |
1Figures provided are estimates and as at 30 June 2024.
2Figure quoted here ($4.4Bn) has been reduced by $380m following the completion of the process to outsource Centinela's existing and planned water infrastructure.
DEVELOPMENT PROJECTS
Twin Metals Minnesota (USA)
Twin Metals Minnesota (Twin Metals) is a wholly owned copper, nickel, and platinum group metals (PGM) underground mining project, which holds copper, nickel/cobalt, and PGM deposits in north-eastern Minnesota, United States (US). The planned project is over a portion of the total resource and envisages mining and processing 18,000 tonnes of ore per day for 25 years to produce three separate concentrates - copper, nickel/cobalt and PGM. However, further development of the current project, as configured, is on hold whilst litigation takes place to challenge several actions taken by the US federal government to deter its development.
In 2022, Twin Metals filed a lawsuit in the US District Court for the District of Columbia (District Court) challenging the administrative actions resulting in the rejection of Twin Metals' preference right lease applications (PRLAs), the cancellation of its federal mining leases 1352 and 1353, the rejection of its Mine Plan of Operation (MPO), and the dismissal of the administrative appeal of the MPO rejection. Twin Metals claimed that the government's actions were arbitrary and capricious, contrary to the law, and in violation of its rights. In September 2023, the District Court dismissed Twin Metals' suit on motion by the government. In November 2023, Twin Metals appealed the District Court's order to the US Court of Appeals for the District of Columbia Circuit. This action is pending.
FINANCIAL REVIEW FOR THE SIX MONTHS ENDED 30 JUNE 2024
Results (unaudited)
|
|
| Šesť mesiacov sa skončilo 30.06.2024 | Šesť mesiacov sa skončilo 30.06.2023 |
| Pred výnimočnými položkami |
Výnimočný položky |
Spolu
|
Spolu
|
| $m | $m | $m | $m |
Výnosy | 2,955.2 | - | 2,955.2 | 2,890.1 |
| ||||
EBITDA (including share of EBITDA from associates and joint ventures) 1 | 1,394.4 | - | 1,394.4 | 1,331.0 |
Celkové prevádzkové náklady | (2,283.9) | - | (2,283.9) | (2,116.4) |
Operating profit from subsidiaries | 671.3 | - | 671.3 | 773.7 |
Net share of results from associates and joint ventures | 17.2 | - | 17.2 | (0.4) |
Total profit from operations, associates and joint ventures | 688.5 | - | 688.5 | 773.3 |
Čisté finančné náklady | (26.9) | 51.0 | 24.1 | (8.8) |
Zisk pred zdanením | 661.6 | 51.0 | 712.6 | 764.5 |
Daň z príjmov | (286.8) | (12.7) | (299.5) | (229.3) |
Zisk za rok | 374.8 | 38.3 | 413.1 | 535.2 |
Možno pripísať: |
| |||
Nekontrolné záujmy | 153.5 | - | 153.5 | 204.8 |
Profit attributable to the owners of the parent | 221.3 | 38.3 | 259.6 | 330.4 |
|
| |||
Základný zisk na akciu | centov | centov | centov | centov |
Základný zisk na akciu z pokračujúcich operácií | 22.4 | 3.9 | 26.3 | 33.5 |
1EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.
The $70.8 million decrease in the profit for the financial period attributable to the owners of the parent (including exceptional items) from $330.4 million in the first six months of 2023 to $259.6 million in the current period reflected the following factors:
$m | |
Profit for the financial period attributable to the owners of the parent in H1 2023 | 330.4 |
| |
Zvýšenie príjmov | 65.1 |
Increase in total operating costs | (167.5) |
Increase in net share of results from associates and joint ventures | 17.6 |
Increase in net finance expenses | (18.1) |
Increase in income tax expense | (57.5) |
Decrease in non-controlling interests | 51.3 |
(109.1) | |
Profit attributable to the owners of the parent in 2024 (excluding exceptional items) | 221.3 |
Exceptional items - 2024 (post tax) | 38.3 |
Profit for the financial period attributable to the owners of the parent in H1 2024 | 259.6 |
Výnosy
The $65.1 million increase in revenue from $2,890.1 million in the first six months of 2023 to $2,955.2 million in the current period reflected the following factors:
$m | |
|
|
Revenue in the first six months of 2023 | 2,890.1 |
|
|
Increase in realised copper price | 232.9 |
Decrease in copper sales volumes | (139.8) |
Increase in treatment and refining charges | (2.9) |
Decrease in gold revenue | (15.9) |
Decrease in molybdenum revenue | (6.2) |
Decrease in silver revenue | (2.5) |
Decrease in transport division revenue | (0.5) |
65.1 | |
Revenue in the first six months of 2024 | 2,955.2 |
Revenue from the Mining division
Revenue in the first half of 2024 from the Mining division increased by $65.6 million, or 2%, to $2,857.2 million, compared with $2,791.6 million in the first six months of 2023. The increase reflected a $90.2 million increase in copper sales, partly offset by a $24.6 million decrease in by-product revenues.
Revenue from copper sales
Revenue from copper concentrate and copper cathode sales increased by $90.2 million, or 3.9%, to $2,423.0 million, compared with $2,332.8 million in the first six months of 2023. The increase reflected the impact of $232.9 million from higher realised prices, partly offset by a $139.8 million reduction due to lower sales volumes and a $2.9 million reduction in revenue from higher treatment and refining charges.
(i) Realised copper price
The average realised price increased by 10.3% to $4.40/lb in the first six months of 2024 (first half of 2023 - $3.99/lb), resulting in a $232.9 million increase in revenue. The LME average market price increased by 4.6% in H1 2024 to $4.13/lb (first half of 2023 - $3.95/lb). In the first half of 2024 there was a $118.9 million positive impact from provisional pricing adjustments, mainly as a result of a positive impact in the settlement of sales invoiced in the current year.
Realised copper prices are determined by comparing revenue (before treatment and refining charges for concentrate sales) with sales volumes in the period. Realised copper prices differ from market prices mainly because, in line with industry practice, concentrate and cathode sales agreements generally provide for provisional pricing at the time of shipment with final pricing based on the average market price in future periods (normally around one month after delivery to the customer in the case of cathode sales and four months after delivery to the customer in the case of concentrate sales).
Further details of provisional pricing adjustments are given in Note 6 to the condensed consolidated interim financial statements.
(ii) Copper volumes
Copper sales volumes reflected within revenue decreased by 5.8% from 275,100 tonnes in 2023 to 259,200 tonnes in 2024, decreasing revenue by $139.8 million. This decrease was mainly due to lower production at Centinela (16,200 tonne decrease), as a result of lower copper grades and harder ores mined.
(iii) Treatment and refining charges
Treatment and refining charges (TC/RCs) for copper concentrate increased by $2.9 million to $90.7 million in the first half of 2024, compared with $87.8 million in the first six months of 2023, reflecting higher rates, partially offset by decreased concentrate sales volumes at Centinela.
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a "treatment and refining charge" deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount reflects the invoiced price (which reflects the net of the market value of fully refined metal less the treatment and refining charges). However, under the standard industry definition of unit cash costs, treatment and refining charges are regarded as part of cash costs.
Accordingly, the increase in these charges has had a negative impact on revenue in the year.
Revenue from molybdenum, gold and other by-product sales
Revenue from by-product sales at Los Pelambres and Centinela relate mainly to molybdenum and gold and, to a lesser extent, silver. Revenue from by-products decreased by $24.6 million or 5.4% to $434.2 million in the first half of 2024, compared with $458.8 million in the first six months of 2023. This decrease was mainly due to the lower gold sales volumes and molybdenum realised price, partly offset by an increase in molybdenum sales volumes and a higher gold realised price.
Revenue from molybdenum sales (net of roasting charges) was $266.0 million (first half of 2023 - $272.2 million), a decrease of $6.2 million. The decrease was due to the lower realised price of $22.8/lb (first half of 2023 - $25.0/lb), partially offset by higher sales volumes of 5,600 tonnes (first half of 2023 - 5,200 tonnes).
Revenue from gold sales (net of treatment and refining charges) was $140.8 million (first half of 2023 - $156.7 million), a decrease of $15.9 million which reflected a decrease in gold sales volumes, partially offset by a higher realised price. Gold sales volumes decreased by 22.7% from 78,900 ounces in the first half of 2023 to 61,000 ounces in the first six months of 2024, mainly due to lower production at Centinela, primarily the result of lower gold grades within the ores processed, as well as lower recoveries. The realised gold price was $2,313.8/oz in the first half of 2024 compared with $1,989.4/oz in the first six months of 2023, reflecting the average market price for 2024 of $2,205.1/oz (first half of 2023 - $1,931.6/oz) and a positive provisional pricing adjustment of $3.3 million.
Revenue from silver sales decreased by $2.5 million to $27.4 million (first six months of 2023 - $29.9 million). The decrease was due to lower sales volumes of 1.0 million ounces (first half of 2023 - 1.2 million ounces), partially offset by a higher realised silver price of $27.6/oz (first six months of 2023 - $24.9/oz).
Revenue from the Transport division
Revenue from the Transport division (FCAB) decreased by $0.5 million or 0.5% to $98.0 million (first six months of 2023 - $98.5 million), mainly due to lower transport volumes in the truck business.
Celkové prevádzkové náklady
The $167.5 million increase in total operating costs from $2,116.4 million in the first half of 2023 to $2,283.9 million in the first six months of 2024 reflected the following factors:
$m | |
|
|
Total operating costs in the first half of 2023 | 2,116.4 |
| |
Increase in mine-site operating costs | 20.9 |
Increase in closure provision and other mining expenses | 26.2 |
Decrease in exploration and evaluation costs | (2.5) |
Decrease in corporate costs | (9.3) |
Decrease in Transport division operating costs | (3.7) |
Increase in depreciation, amortisation and loss on disposals | 135.9 |
167.5 | |
Total operating costs in the first six months of 2024 | 2,283.9 |
Operating costs (excluding depreciation, amortisation and loss on disposals) at the Mining division
Operating costs (excluding depreciation, amortisation, loss on disposals and impairments) at the Mining division increased by $35.3 million to $1,577.5 million in the first half of 2024, an increase of 2.3%.
Of this increase, $20.9 million was attributable to higher mine-site operating costs. This increase in mine-site costs reflected higher unit costs mainly due to lower ore grade and recoveries at Centinela concentrates and lower grades at Los Pelambres, partially offset by lower key input prices, depreciation of the Chilean peso, decreased sales volumes in the period and the cost savings from the Group's Cost and Competitiveness Programme.
On a unit cost basis, weighted average cash costs excluding treatment and refining charges and by-product revenues increased from $2.32/lb in the first six months of 2023 to $2.48/lb in the first six months of 2024. As detailed in the alternative performance measures section on page 56 of the half-year results announcement, for accounting purposes by-product credits and treatment and refining charges both impact revenue and do not therefore affect operating expenses.
The Competitiveness Programme was implemented to reinforce the operational improvement and reduce the Group's cost base, improving its competitiveness within the industry. During the first half of 2024, the programme achieved benefits of $130.0 million in the mining division, of which $49.3 million reflected cost savings and $80.7 million reflected the value of productivity improvements. Of the $49.3 million of cost savings, $46.8 million related to Los Pelambres, Centinela and Antucoya, and therefore impacted the Group's operating costs, and $2.5 million related to Zaldívar (on a 100% basis) and therefore impacted the share of results from associates and joint ventures.
Closure provisions and other mining expenses increased by $26.2 million. In the current period these costs include $13 million in respect of the "ad valorem" element of the new mining royalty at Los Pelambres. As the ad valorem element is based on revenue rather than profit it does not meet the IAS 12 Dane z príjmu definition of a tax expense, and is therefore recorded as an operating expense. The increase in these expenses also reflected additional expenditure on project evaluation costs at Los Pelambres.
Exploration and evaluation costs decreased by $2.5 million to $26.8 million (2023 - $29.3 million), reflecting decreased exploration and evaluation expenditure principally in respect of Chile exploration.
Operating costs (excluding depreciation, amortisation and loss on disposals) at the Transport division
Operating costs (excluding depreciation, amortisation and loss on disposals) at the Transport division decreased by $3.7 million to $59.2 million (first half of 2023 - $62.9 million), mainly due a weaker Chilean peso and lower diesel price.
Odpisy, amortizácia a úbytky
The depreciation and amortisation charge increased by $135.9 million in the first half of 2024 to $647.2 million (first half of 2023 - $511.3 million). This increase was mainly due to higher znehodnotenie at Los Pelambres following completion of the Phase 1 Expansion Project as well as the acquisition of other additional assets, and also increases at Centinela in respect of the amortisation of IFRIC 20 stripping costs and the depreciation of additional leased assets.
Operating profit from subsidiaries
As a result of the above factors, operating profit from subsidiaries decreased by $102.4 million or 13.2% in 2024 to $671.3 million (first half of 2023 - $773.7 million).
Podiel na výsledkoch pridružených spoločností a spoločných podnikov
The Group's share of results from associates and joint ventures increased by $17.6 million to a gain of $17.2 million in the first six months of 2024, compared with a loss of $0.4 million in the first half of 2023. This reflected higher earnings from Zaldívar and also the contribution from Compañía de Minas Buenaventura S.A.A., which has been accounted for as an associate from March 2024 onwards.
EBITDA
EBITDA (earnings before interest, tax, depreciation and amortisation) increased by $63.4 million or 4.8% to $1,394.4 million (first half of 2023 - $1,331.0 million). EBITDA includes the Group's proportional share of EBITDA from associates and joint ventures.
EBITDA from the Mining division increased by $60.0 million or 4.6% from $1,291.9 million in the first six months of 2023 to $1,351.9 million this half year. This reflected the higher revenue explain above and higher EBITDA from associates and joint ventures, partially offset by higher mine-site costs.
EBITDA at the Transport division increased by $3.4 million to $42.5 million in 2024 ($39.1 million - first half of 2023), mainly due to lower operating costs.
Commodity price and exchange rate sensitivities
The following sensitivities show the estimated approximate impact on EBITDA for the first six months of 2024 of a 10% movement in the average copper, molybdenum and gold prices and a 10% movement in the average US dollar / Chilean peso exchange rate.
The impact of the movement in the average commodity prices reflects the estimated impact on the relevant revenues during the first six months of 2024, and the impact of the movement in the average exchange rate reflects the estimated impact on Chilean peso denominated operating costs during the period. These estimates do not reflect any impact in respect of provisional pricing or hedging instruments, any potential inter-relationship between commodity price and exchange rate movements, or any impact from the retranslation or changes in valuations of assets or liabilities held on the balance sheet at the period-end.
Average market commodity price / average exchange rate during the six months ended 30.06.24 | Impact of a 10% movement in the commodity price / exchange rate on EBITDA | |
$m | ||
Cena medi | 4.13 USD / lb | 252 |
Molybdenum price | 20.9 USD / lb | 26 |
Cena zlata | 2,205.1 XNUMX USD/oz | 13 |
US dollar / Chilean peso exchange rate | 941 | 85 |
Čisté finančné náklady (okrem výnimočných položiek)
Net finance expense (excluding exceptional items) of $26.9 million reflected an increase of $18.1 million compared with the $8.8 million expense in H1 2023.
Šesť mesiacov sa skončilo 30.06.24 $m | Šesť mesiacov sa skončilo 30.06.23 $m | |
Výnosy z investícií | 73.5 | 72.1 |
Úrokové náklady | (132.1) | (50.9) |
Ostatné finančné položky | 31.7 | (30.0) |
Čisté finančné náklady | (26.9) | (8.8) |
Investment income increased marginally from $72.1 million in the first six months of 2023 to $73.5 million in H1 2024.
Interest expense increased from $50.9 million in 2023 to $132.1 million in 2024, reflecting mainly the start of expensing of the interest on the borrowing in respect Los Pelambres' Phase 1 Expansion Project following the completion of the project construction, as well as to a lesser extent, an increase in the average borrowing balances and an increase in average interest rates.
Other finance items were a net gain of $31.7 million, compared with a net loss of $30.0 million in 2023, a variance of $61.7 million. This was mainly due to the foreign exchange impact of the retranslation of Chilean peso denominated assets and liabilities, which resulted in a $41.5 million gain in 2024 compared with a $22.0 million loss in 2023. In addition, there was an expense of $9.7 million in respect of the unwinding of the discounting of provisions (first half of 2023 - expense of $7.9 million).
Zisk pred zdanením (okrem výnimočných položiek)
As a result of the factors set out above, profit before tax decreased by 13.5% to $661.6 million in the first half of 2024 (first half of 2023 - $764.5 million).
Daň z príjmov
The tax charge in the first half of 2024 excluding exceptional items increased by $57.5 million to $286.8 million (first half of 2023 - $229.3 million) and the effective tax rate for the period was 43.3% (first half of 2023 - 30.0%). Including exceptional items, the tax charge in the first half of 2024 was $299.5 million and the effective tax rate was 42.0%.
Šesť mesiacov |
|
| Šesť mesiacov |
| Šesť mesiacov |
| |||||||||||||||
skončila |
|
| skončila |
| skončila |
| |||||||||||||||
30.06.2024 Nepočítajúc výnimočný položky |
|
| 30.06.2024 Vrátane výnimočný položky |
| 30.06.2023 |
| |||||||||||||||
$m | % | $m | % |
| $m | % |
| ||||||||||||||
Zisk pred zdanením |
| 661.6 |
|
| 712.6 |
| 764.5 |
| |||||||||||||
Tax at the Chilean corporate tax rate of 27% | (178.7) | 27.0 |
| (192.4) |
| 27.0 |
| (206.4) | 27.0 |
| |||||||||||
Mining Tax (royalty) | (117.0) | 17.7 |
| (117.0) |
| 16.4 |
| (47.1) | 6.2 |
| |||||||||||
Deduction of mining royalty as an allowable expense in determination of first category tax | 30.6 | (4.6) |
| 30.6 |
| (4.3) |
| 13.2 | (1.7) |
| |||||||||||
Zrážková daň | (13.5) | 2.0 |
| (13.5) |
| 1.9 |
| 19.7 | (2.6) |
| |||||||||||
Items not deductible from first category tax | (5.6) | 0.8 |
| (5.6) |
| 0.8 |
| (6.9) | 0.9 |
| |||||||||||
Úprava vzhľadom na predchádzajúce roky | (3.8) | 0.6 |
| (3.8) |
| 0.5 |
| (0.9) | 0.1 |
| |||||||||||
Rozdiel v zahraničných daňových sadzbách | - | - |
| 1.0 |
| (0.1) |
| - | - |
| |||||||||||
Tax effect of share of profit of associates and joint ventures | 2.0 | (0.3) |
| 2.0 |
| (0.3) |
| (0.1) | - |
| |||||||||||
Impact of unrecognised tax losses on current tax | (0.8) | 0.1 |
| (0.8) |
| 0.1 |
| (0.8) | 0.1 |
| |||||||||||
|
|
|
|
|
|
| |||||||||||||||
Tax expense and effective tax rate for the period |
| (286.8) | 43.3 |
| (299.5) | 42.0 |
| (229.3) | 30.0 |
| |||||||||||
The effective tax rate excluding exceptional items for the period was 43.3%, which compares with 30.0% in 2023 (partly reflecting a one-off adjustment to the provision for deferred withholding tax). The complete reconciliation between the effective tax rate and the statutory tax rate reflects the following points:
The effective tax rate excluding exceptional items of 43.3% varied from the statutory rate principally due to:
· The mining tax (royalty) (net impact of $86.4 million / 13.1% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax);
· The withholding tax relating to the remittance of profits from Chile (impact of $13.5 million / 2.0%);
· Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $5.6 million / 0.8%);
· Adjustments in respect of prior years (impact of $3.8 million / 0.6%), and the impact of previously unrecognized tax losses (impact of $0.8 million / 0.1%);
· An offsetting impact of the recognition of the Group's share of results from associates and joint ventures, which are included in the Group's profit before tax net of their respective tax charges (impact of $2.0 million / 0.3%).
The new Chilean mining royalty had taken effect from 1 January 2024. The new royalty terms include a royalty ranging from 8% to 26% applied to the ''Mining Operating Margin'', depending on each mining operation's level of profitability, as well as a 1% ad valorem royalty on copper sales. As the ad valorem element is based on revenue rather than profit it does not meet the IAS 12 Dane z príjmu definition of a tax expense, and is therefore recorded as an operating expense. The new royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense.
Los Pelambres has been subject to the new royalty from 1 January 2024. The impact of the new royalty for Los Pelambres in the first six months of 2024 included the recognition of a $13 million expenses within operating expenses in respect of the ad valorem element. Centinela and Antucoya have tax stability agreements in place, and so the new royalty rates will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a rate from 5% to 14% of taxable operating profit, depending on the level of operating profit margin.
Výnimočné položky
Exceptional items are material items of income and expense which are non-regular or non-operating and typically non-cash, including impairments and profits or losses on disposals. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group.
Compañía de Minas Buenaventura S.A.A.
During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Compañía de Minas Buenaventura S.A.A. An exceptional fair value gain of $51.0 million (six months ended 30 June 2023 - nil) was recognised during the first six months of 2024 in respect of this agreement. A deferred tax expense of $12.7 million (six months ended 30 June 2023 - nil) has been recognised in respect of this gain, resulting in a post-tax impact of $38.3 million (six months ended 30 June 2023 - nil).
Nekontrolné záujmy
zisk for the first half of the year attributable to non-controlling interests was $153.5 million, compared with $204.8 million in the first half of 2023, a decrease of $51.3 million. This reflected the decrease in earnings analysed above.
Zisk na akciu
Šesť mesiacov sa skončilo 30.06.24 | Šesť mesiacov sa skončilo 30.06.23 | ||
$ centov | $ centov | ||
| |||
Underlying earnings per share (excluding exceptional items) | 22.4 | 33.5 | |
Earnings per share (exceptional items) | 3.9 | - | |
Earnings per share (including exceptional items) | 26.3 | 33.5 |
Earnings per share calculations are based on 985,856,695 ordinary shares.
As a result of the factors set out above, profit attributable to equity shareholders of the Company (excluding exceptional items) was $221.3 million, compared with $330.4 million in the first half of 2023, and underlying earnings per share (excluding exceptional items) were 22.4 cents for the first half of 2024 (first half of 2023 - 33.5 cents per share). The profit attributable to equity shareholders (including exceptional items) was $259.6 million, resulting in earnings per share (including exceptional items) of 26.3 cents per share for the first half of 2024.
Dividendy
Dividends per share declared in relation to the period are as follows:
Šesť mesiacov sa skončilo 30.06.24 | Šesť mesiacov sa skončilo 30.06.23 | ||
$ centov | $ centov | ||
Bežné dividendy: |
| ||
dočasnej | 7.9 | 11.7 | |
Total dividends to ordinary shareholders | 7.9 | 11.7 |
The Board determines the appropriate dividend each year based on consideration of the Group's cash balance, the level of free cash flow and underlying earnings generated during the year and significant known or expected funding commitments. It is expected that the total annual dividend for each year would represent a payout ratio based on underlying net earnings for that year of at least 35%.
The Board has declared an interim dividend for the first half of 2024 of 7.9 cents per ordinary share, which amounts to $77.9 million. The interim dividend will be paid on 30 September 2024 to ordinary shareholders that are on the register at the close of business on 6 September 2024.
Kapitálové výdavky
Capital expenditure increased by $37.6 million from $1,021.9 million in the first half of 2023 to $1,059.5 million in the current period, mainly due to the start of the Centinela Second Concentrator project and the completion of the Los Pelambres Phase 1 Expansion project, and increased sustaining capex at Los Pelambres, partly offset by decreased IFRIC 20 mine development at Centinela.
Capital expenditure figures quoted in this report are on a cash flow basis, unless stated otherwise.
Derivátové finančné nástroje
The Group periodically uses derivative financial instruments to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. At 30 June 2024 there were foreign exchange derivative financial instruments in place in respect of the Centinela Second Concentrator project capex, with a negative fair value of $15.7 million (2023 - nil).
Peňažné toky
The key features of the cash flow statement are summarised in the following table.
Šesť mesiacov sa skončilo 30.06.24 |
Šesť mesiacov sa skončilo 30.06.23 | ||
| $m | $m | |
Cash flows from continuing operations | 1,483.9 | 1,296.4 | |
Zaplatená daň z príjmu | (316.8) | (323.2) | |
Čistý zaplatený úrok | (77.3) | (18.2) | |
Nákupy nehnuteľností, strojov a zariadení | (1,059.5) | (1,021.9) | |
Dividendy vyplácané akcionárom Spoločnosti | (239,6) | (497.9) | |
Disposal of JV | - | 944.7 | |
Investment in other financial assets | - | (290.1) | |
Dividendy od pridružených spoločností a spoločných podnikov | 3.5 | - | |
Capital increase from non-controlling interest | 39.7 | - | |
Acquisition of equity investments | - | (8.4) | |
Ostatné veci | 0.1 | (0.1) | |
Changes in net (debt)/cash relating to cash flows | (166.0) | 81.3 | |
Ostatné bezhotovostné pohyby | (124.1) | (14.8) | |
Účinky zmien výmenných kurzov | 11.3 | (2.0) | |
Movement in net (debt)/cash in the period | (278.8) | 64.5 | |
Net (debt)/cash at the beginning of the year | (1,159.8) | (885.8) | |
Net (debt) at the end of the period | (1,438.6) | (821.3) |
Cash flows from continuing operations were $1,483.9 million in the first half of 2024 compared with $1,296.4 million in the first half of 2023. This reflected EBITDA from subsidiaries for the period of $1,318.5 million (first half of 2023 - $1,285.0 million) adjusted for the positive impact of a net working capital decrease of $171.9 million (first half of 2023 - negative impact of $12.2 million from a net working capital increase), partly offset by a non-cash decrease in provisions of $6.5 million (first half of 2023 - positive impact of an increase in provisions of $23.6 million).
The $171.9 million working capital decrease in the first six months of 2024 reflected a decrease in receivables, predominantly due to lower sales volumes at June 2024 compared with December 2023, and an increase in accounts payable, partly offset by an increase of work in progress inventories at Los Pelambres.
The net cash outflow in respect of tax in the first half of 2024 was $316.8 million (first half of 2023 - $323.2 million). This amount differs from the current tax charge in the consolidated income statement (including exceptional items) of $394.0 million (first half of 2023 - $284.3 million) mainly because cash tax payments for corporate tax and the mining tax include payments on account for the current year (based on prior periods' profit levels) of $218.8 million (first half of 2023 - $311.0 million), withholding tax payments of $66.5 million (first half of 2023 - $0.1 million), the settlement of outstanding balances in respect of the previous year's tax charge of $49.3 million (first half of 2023 - $14.6 million), as well as the recovery of $17.8 million relating to prior years (first half of 2023 - recovery of $2.6 million).
Capital expenditure in the first half of 2024 was $1,059.5 million compared with $1,021.9 million in the first half of 2023. This included expenditure of $631.3 million at Centinela (first half of 2023 - $459.0 million), $355.1 million at Los Pelambres (first half of 2023 - $486.6 million), $52.1 million at Antucoya (first half of 2023 - $41.2 million), $19.3 million at the Transport division (first half of 2023 - $24.6 million) and $1.7 million at Corporate (first half of 2023 - $10.5 million). The increase in capital expenditure reflects the start of the Centinela Second Concentrator project and the completion of the Los Pelambres Phase 1 Expansion project, and increased sustaining capex at Los Pelambres, partly offset by decreased IFRIC 20 mine development at Centinela.
Dividends paid to equity holders of the Company in the first half of 2024 were $239.6 million (first half of 2023 - $497.9 million), related to the payment of the final dividend declared in respect of 2023.
Dividends received from associates and joint ventures of $3.5 million (six months ended 30 June 2023 - nil) related to a dividend received from Compañía de Minas Buenaventura S.A.A.
A capital contribution of $39.7 million was received from Marubeni, the minority partner at Centinela, in respect of financing for the Centinela Second Concentrator project.
Finančná situácia
V 30.06.24 | V 31.12.23 | |||
$m | $m | |||
Cash, cash equivalents and liquid investments | 4,432.2 | 2,919.4 | ||
Celkové pôžičky | (5,870.8) | (4,079.2) | ||
Net cash/(debt) at the end of the period | (1,438.6) | (1,159.8) |
At 30 June 2024, the Group had combined cash, cash equivalents and liquid investments of $4,432.2 million (31 December 2023 - $2,919.4). Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of cash, cash equivalents and liquid investments was $3,572.2 million (31 December 2023 - $2,490.5 milión).
Total Group borrowings and other financial liabilities at 30 June 2024 were $5,870.8 million, an increase of $1,791.6 million on the prior year (at 31 December 2023 - $4,079.2 million). The increase was mainly due to $742.0 million from the issue of the new corporate bond, $600.0 million from the other financial liabilities at Centinela, $475.0 million in respect of a short-term loan at Los Pelambres, $209.8 million in respect of the first tranche of the project financing at Centinela, partly offset by a $270.3 million repayment of the senior loans at Los Pelambres ($185.3 million), Centinela ($55.0 million), Antucoya ($25.0 million) and the Transport division ($5.0 million).
In June 2024 the Group announced completion of the process whereby Minera Centinela ("Centinela") entered into a water transportation agreement, involving its existing water supply and future water supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela's existing water transportation assets and rights have been transferred to an international consortium for net cash proceeds of $600 million, which was received as of late June 2024. For accounting purposes, the existing assets remain in the Group's balance sheet, with the cash receipt resulting in the recognition of the corresponding other financial liability balance.
Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of the borrowings was $4,394.0 million (31 December 2023 - $2,948.3 milión).
This resulted in net debt at 30 June 2024 of $1,438.6 million (31 December 2023 - net debt $1,159.8 million). Excluding the non-controlling interest share in each partly-owned operation, the Group had an attributable net debt position of $821.8 million (31 December 2023 - net debt $457.8 milión).
Znepokojovať sa
The financial information contained in this half-year financial report has been prepared on the going concern basis. Details of the factors which have been taken into account in assessing the Group's going concern status are set out in Note 1 to the half-year results announcement.
Hlavné riziká a neistoty
There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The principal risks and uncertainties which were disclosed in the 2023 Annual Report are as follows:
· Talentový manažment
· Labour relations
· Bezpečnosť a ochrana zdravia
· Environmentálny manažment
· Zmena podnebia
· vzťahy v komunite
· Political, legal and regulatory
· korupcia
· operácie
· Tailing storage
· Strategic resources
· Kyber ochrana
· likvidita
· Ceny komodít a výmenné kurzy
· Growth of mineral resource base and opportunities
· Project development and execution
· Innovation and digitisation
· Vonkajšie riziká
There have been no changes to the above categories of key risks in the first six months of 2024.
A detailed explanation of the risks summarised above can be found in the Risk Management section of the 2023 Annual Report, which is available at www.antofagasta.co.uk.
Cautionary statement about forward-looking statements
This half-year results announcement contains certain forward-looking statements. All statements other than historical facts are forward-looking statements. Examples of forward-looking statements include those regarding the Group's strategy, plans, objectives or future operating or financial performance, reserve and resource estimates, commodity demand and trends in commodity prices, growth opportunities, and any assumptions underlying or relating to any of the foregoing. Words such as "intend", "aim", "project", "anticipate", "estimate", "plan", "believe", "expect", "may", "should", "will", "continue" and similar expressions identify forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that are beyond the Group's control. Given these risks, uncertainties and assumptions, actual results could differ materially from any future results expressed or implied by these forward-looking statements, which apply only as at the date of this report. Important factors that could cause actual results to differ from those in the forward-looking statements include: natural events, global economic conditions, demand, supply and prices for copper and other long-term commodity price assumptions (as they materially affect the timing and feasibility of future projects and developments), trends in the copper mining industry and conditions of the international copper markets, the effect of currency exchange rates on commodity prices and operating costs, the availability and costs associated with mining inputs and labour, operating or technical difficulties in connection with mining or development activities, employee relations, litigation, and actions and activities of governmental authorities, including changes in laws, regulations or taxation. Except as required by applicable law, rule or regulation, the Group does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Na minulú výkonnosť sa nemožno spoliehať ako na vodítko pre budúcu výkonnosť.
Skrátený konsolidovaný výkaz ziskov a strát
|
| Six months ended 30.06.2024 (Unaudited) | Six months ended 30.06.2023 (Unaudited) | ||
Vrátane výnimočných položiek | Výnimočné položky | Spolu | Spolu | ||
Poznámky | $m | $m | $m | $m | |
Výnosy | 5,6 | 2,955.2 | - | 2,955.2 | 2,890.1 |
Celkové prevádzkové náklady | 2 | (2,283.9) | - | (2,283.9) | (2,116.4) |
Prevadzkovy zisk | 2,5 | 671.3 | - | 671.3 | 773.7 |
Net share of results from associates and joint ventures | 2,5 | 17.2 | - | 17.2 | (0.4) |
Operating profit from subsidiaries, and share of total results from associates and joint ventures | 688.5 | - | 688.5 | 773.3 | |
Výnosy z investícií | 8 | 73.5 | - | 73.5 | 72.1 |
Úrokové náklady | 8 | (132.1) | - | (132.1) | (50.9) |
Ostatné finančné položky | 3,8,14 | 31.7 | 51.0 | 82.7 | (30.0) |
Čistý finančný príjem/(výdavok) | 8 | (26.9) | 51.0 | 24.1 | (8.8) |
Zisk pred zdanením | 661.6 | 51.0 | 712.6 | 764.5 | |
Daň z príjmov | 3,9 | (286.8) | (12.7) | (299.5) | (229.3) |
Zisk za obdobie | 374.8 | 38.3 | 413.1 | 535.2 | |
Možno pripísať: | |||||
Nekontrolné záujmy | 153.5 | - | 153.5 | 204.8 | |
Majitelia rodičov | 221.3 | 38.3 | 259.6 | 330.4 | |
| |||||
| amerických centov | amerických centov | amerických centov | amerických centov | |
| |||||
Základný zisk na akciu 1 | 10 | 22.4 | 3.9 | 26.3 | 33.5 |
1. All earnings in all the periods presented are from continuing operations.
Skrátený konsolidovaný výkaz komplexného výsledku
Poznámky | Six months ended 30.06.2024 (Unaudited) | Six months ended 30.06.2023 (Unaudited) | |
| |||
| $m | $m | |
Zisk za obdobie | 5 | 413.1 | 535.2 |
Items that may be or were subsequently reclassified to profit or loss: |
|
| |
Straty zo zaistenia peňažných tokov |
| (15.9) | - |
Tax effects arising on cash flow hedges deferred in reserves |
| 4.3 | - |
Úprava prevodu meny |
| (0.8) | 0.4 |
Total items that may be or were subsequently reclassified to profit or loss |
| (12.4) | 0.4 |
|
| ||
Položky, ktoré nebudú následne preklasifikované do zisku alebo straty: |
|
| |
Actuarial (losses)/gains on defined benefit plans |
| (0.3) | (1.5) |
Gains on fair value of equity investments | 14 | 33.1 | 0.6 |
Tax on items recognised directly in equity that will not be reclassified |
| (7.6) | 0.2 |
Share of other comprehensive losses of associates and joint ventures, net of tax |
| (1.9) | (0.9) |
Total items that will not be subsequently reclassified to profit or loss |
| 23.3 | (1.6) |
|
| ||
Ostatný komplexný výsledok spolu |
| 10.9 | (1.2) |
|
|
| |
Celkový komplexný príjem za dané obdobie |
| 424.0 | 534.0 |
Možno pripísať: |
|
| |
Nekontrolné záujmy |
| 149.9 | 204.5 |
Majitelia rodičov |
| 274.1 | 329.5 |
Total comprehensive income for the period - continuing operations | 424.0 | 534.0 | |
424.0 | 534.0 |
Skrátený konsolidovaný výkaz zmien vo vlastnom imaní
For the six months ended 30.06.2024 (Unaudited)
Základné imanie | Akciové ážio | Ostatné rezervy | Nerozdelený zisk | Vlastné imanie pripísané vlastníkom materskej spoločnosti | Nekontrolné podiely | Celkový kapitál | |
$m | $m | $m | $m | $m | $m | $m | |
Zostatok k 1. januáru 2024 | 89.8 | 199.2 | 104.5 | 8,558.4 | 8,951.9 | 3,096.5 | 12,048.4 |
Zvýšenie kapitálu | - | - | - | - | - | 39.7 | 39.7 |
Zisk za obdobie | - | - | - | 259.6 | 259.6 | 153.5 | 413.1 |
Ostatný komplexný výsledok za účtovné obdobie | - | - | 16.5 | (2.0) | 14.5 | (3.6) | 10.9 |
Celkový komplexný príjem za dané obdobie | - | - | 16.5 | 257.6 | 274.1 | 149.9 | 424.0 |
Dividendy | - | - | - | (239.6) | (239.6) | - | (239.6) |
Zostatok k 30. júnu 2024 | 89.8 | 199.2 | 121.0 | 8,576.4 | 8,986.4 | 3,286.1 | 12,272.5 |
For the six months ended 30.06.2023 (Unaudited)
Základné imanie | Akciové ážio | Ostatné rezervy
| Nerozdelený zisk
| Equity attributable to equity owners of the parent | Nekontrolné podiely | Spolu spravodlivosť | |
$m | $m | $m | $m | $m | $m | $m | |
Zostatok k 1. januáru 2023 | 89.8 | 199.2 | 5.0 | 8,333.5 | 8,627.5 | 3,016.9 | 11,644.4 |
Zisk za obdobie | - | - | - | 330.4 | 330.4 | 204.8 | 535.2 |
Ostatný komplexný výsledok/(náklady) za účtovné obdobie | - | - | 1.0 | (1.9) | (0.9) | (0.3) | (1.2) |
Celkový komplexný príjem za dané obdobie | - | - | 1.0 | 328.5 | 329.5 | 204.5 | 534.0 |
Dividendy | - | - | - | (497.9) | (497.9) | - | (497.9) |
Zostatok k 30. júnu 2023 | 89.8 | 199.2 | 6.0 | 8,164.1 | 8,459.1 | 3,221.4 | 11,680.5 |
Konsolidovaná súvaha
At 30.06.2024 (Unaudited) | At 31.12.2023 (Audited) | |||
| ||||
Dlhodobý majetok | Poznámky | $m | $m | |
Nehnuteľnosti, stroje a zariadenia | 12 | 13,166.0 | 12,678.7 | |
zásoby | 462.4 | 457.0 | ||
Investície do pridružených a spoločných podnikov | 14 | 1,717.0 | 891.1 | |
Obchodné a iné pohľadávky | 60.4 | 68.5 | ||
Investície do akcií | 14 | 15.3 | 288.6 | |
Odložená daňová pohľadávka | 66.0 | 72.0 | ||
15,487.1 | 14,455.9 | |||
Obežný majetok |
| |||
zásoby | 905.1 | 671.0 | ||
Obchodné a iné pohľadávky | 904.0 | 1,117.8 | ||
Ostatné finančné aktíva | 14 | - | 457.2 | |
Bežné daňové pohľadávky | 13.4 | 25.9 | ||
Likvidné investície | 17 | 2,923.7 | 2,274.7 | |
Peňažné prostriedky a ich ekvivalenty | 17 | 1,508.5 | 644.7 | |
6,254.7 | 5,191.3 | |||
|
|
| ||
Celkové aktíva | 21,741.8 | 19,647.2 | ||
| ||||
Krátkodobé záväzky | ||||
Short-term borrowings and other financial liabilities | 15 | (1,460.8) | (901.9) | |
Obchodné a iné záväzky | (1,268.3) | (1,171.5) | ||
Derivátové finančné nástroje | 7 | (15.7) | - | |
Short-term decommissioning and restoration provisions | (11.2) | (15.2) | ||
Splatné daňové záväzky | (167.3) | (100.7) | ||
(2,923.3) | (2,189.3) | |||
Dlhodobé záväzky |
| |||
Medium and long-term borrowings and other financial liabilities | 15 | (4,410.0) | (3,177.3) | |
Obchodné a iné záväzky | (8.8) | (9.8) | ||
Záväzky k požitkom po skončení zamestnania | (135.6) | (139.9) | ||
Decommissioning and restoration provisions | (427.6) | (425.9) | ||
Odložené daňové záväzky | (1,564.0) | (1,656.6) | ||
(6,546.0) | (5,409.5) | |||
|
| |||
Pasíva spolu | (9,469.3) | (7,598.8) | ||
|
| |||
Čisté aktíva | 12,272.5 | 12,048.4 | ||
| ||||
Spravodlivosť |
| |||
Základné imanie | 89.8 | 89.8 | ||
Akciové ážio | 199.2 | 199.2 | ||
Ostatné rezervy | 121.0 | 104.5 | ||
Nerozdelený zisk | 8,576.4 | 8,558.4 | ||
Vlastné imanie pripísané vlastníkom materskej spoločnosti | 8,986.4 | 8,951.9 | ||
Nekontrolné záujmy | 3,286.1 | 3,096.5 | ||
Celkový kapitál | 12,272.5 | 12,048.4 |
The condensed consolidated interim financial statements were approved by the Board of Directors on 19 August 2024
Skrátený konsolidovaný výkaz peňažných tokov
At 30.06.2024 (Unaudited) | At 30.06.2023 (Unaudited) | |||
Poznámky | $m | $m | ||
| ||||
Cash flows from continuing operations | 16 | 1,483.9 | 1,296.4 | |
Zaplatené úroky |
| (129.8) | (70.5) | |
Zaplatená daň z príjmu |
| (316.8) | (323.2) | |
Čistá hotovosť z prevádzkovej činnosti |
| 1,037.3 | 902.7 | |
|
| |||
Investičné aktivity |
| |||
Dividendy od pridružených spoločností a spoločných podnikov |
| 3.5 | - | |
Investments in other financial assets |
| - | (290.1) | |
Acquisition of equity investments |
| - | (8.4) | |
Proceeds from disposal of investment in joint venture | 13 | - | 944.7 | |
Výnosy z predaja nehnuteľností, strojov a zariadení |
| 0.2 | - | |
Nákupy nehnuteľností, strojov a zariadení |
| (1,059.5) | (1,021.9) | |
Net increase in liquid investments | 17 | (648.9) | (449.6) | |
Prijatý úrok |
| 52.5 | 52.3 | |
Net cash used in investing activities |
| (1,652.2) | (773.0) | |
|
| |||
Financovanie činností |
| |||
Dividendy vyplatené vlastníkom materskej spoločnosti |
| (239.6) | (497.9) | |
Dividends paid to preference shareholders of the Company |
| (0.1) | (0.1) | |
Capital increase from non-controlling interest |
| 39.7 | - | |
Výnosy z iných finančných záväzkov | 15 | 600.0 | - | |
Proceeds from issue of new borrowings |
| 1,564.8 | - | |
Splácanie pôžičiek |
| (408.3) | (110.8) | |
Hlavné prvky lízingových splátok |
| (74.5) | (35.1) | |
Čistá hotovosť z/(použitá pri) finančných činnostiach |
| 1,482.0 | (643.9) | |
|
| |||
Čistý nárast/(pokles) peňažných prostriedkov a peňažných ekvivalentov | 17 | 867.1 | (514.2) | |
|
| |||
Peniaze a peňažné ekvivalenty na začiatku obdobia |
| 644.7 | 810.4 | |
Čistý nárast/(pokles) peňažných prostriedkov a peňažných ekvivalentov | 17 | 867.1 | (514.2) | |
Vplyv zmien výmenných kurzov | 17 | (3.3) | 7.1 | |
|
| |||
Peňažné prostriedky a peňažné ekvivalenty na konci obdobia | 17 | 1,508.5 | 303.3 |
Poznámky
1. General information and accounting policies
a) General information
These condensed consolidated interim financial statements ("the interim financial statements") of the Antofagasta plc Group for the half-year reporting period ended 30 June 2024 were approved for issue by the Board of Directors of the Company on 19 August 2024. The interim financial statements are unaudited.
These interim financial statements have been prepared under the accounting policies as set out in the statutory accounts for the period ended 31 December 2023.
The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standard Board IASB and as adopted by the UK International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
These interim financial statements do not include all of the notes of the type normally included in annual financial statements. Accordingly, the consolidated financial information is not in full accordance with UK-adopted International Accounting Standards. The consolidated financial information has been prepared on the going concern basis.
The information contained in this announcement for the periods ended 30 June 2023 and 31 December 2023 also does not constitute statutory accounts. A copy of the statutory accounts for the year ended 31 December 2023 has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, with no matters by way of emphasis, and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.
The Group's total revenue was previously referred to as "Group revenue" on the face of the income statement; for simplicity and clarity this has now been changed to "Revenue".
Znepokojovať sa
The Directors have assessed the going concern status of the Group, considering the period to 31 December 2025.
The Group's business activities, together with those factors likely to affect its future performance, are set out in the Financial and Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the period-end, are set out in the Financial Review. The condensed consolidated financial statements include details of the Group's cash, cash equivalents and liquid investment balances in Note 17, and details of borrowings are set out in Note 15.
When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in place. The Group had a strong financial position as at 30 June 2024, with combined cash, cash equivalents and liquid investments of $4,432.2 million. Total borrowings were $5,870.8 million, resulting in a net debt position of $1,438.6 million. Of the total borrowings, only 25% is repayable within one year, and an additional 13% repayable between one and two years.
When assessing the prospects of the Group, the Directors have considered the Group's copper price forecasts, the Group's expected production levels, operating cost profile and capital expenditure. These forecasts are based on the Group's budgets and life-of-mine models, which are also used when assessing relevant accounting estimates, including depreciation, deferred stripping and closure provisions. This analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered appropriate for an assessment of the Group's ability to manage the impact of a depressed economic environment. The analysis has only included the drawdown of existing committed borrowing facilities, and has not assumed that any new borrowing facilities will be put in place. The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash generation. Robust downside sensitivity analyses have been performed, assessing the standalone impact of each of:
● A significant deterioration in the future copper price forecasts by an average of 15% throughout the going concern period,
● An even more pronounced short-term reduction of a further 50 c/lb in the copper price for a period of three months, in addition to the above deterioration of 15% in the copper price throughout the review period,
● The potential impact of the Group's most significant individual operational risks, and
● A shutdown of any one of the Group's operations for a period of three mesiaca, or a shut-down of all of the Group's operations for a period of one month.
The stability of tailings storage facilities represents a potentially significant operational risk for mining operations globally. The Group's tailings storage facilities are designed to international standards, constructed using downstream methods, subject to rigorous monitoring and reporting, and reviewed regularly by an international panel of independent experts. Given these standards of design, development, operations and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis.
The above downside sensitivity analyses indicated results which could be managed in the normal course of business, including the aggregate impact of a number of the above sensitivities occurring at the same time. The analysis indicated that the Group is expected to remain in compliance with all of the covenant requirements of its borrowings throughout the review period and retain sufficient liquidity. Based on their assessment of the Group's prospects and viability, the Directors have formed a judgement, at the time of approving the condensed consolidated interim financial statements, that there are no material uncertainties that the Directors are aware of that cast doubt on the Group's going concern status and that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 31 December 2025. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements.
b) Adoption of new accounting standards
The following accounting standards, amendments and interpretations became effective in the current reporting period but the application of these standards and interpretations had no material impact on the amounts reported in these interim financial statements:
Zmeny | Dátum účinnosti |
Klasifikácia záväzkov ako krátkodobé alebo dlhodobé (zmeny a doplnenia IAS 1) | Annual periods beginning on or after 1 January 2024. |
Zodpovednosť za lízing pri predaji a spätnom lízingu (dodatky k IFRS 16) | Annual periods beginning on or after 1 January 2024. |
Dlhodobé záväzky so zmluvnými podmienkami (dodatky k IAS 1) | Annual periods beginning on or after 1 January 2024. |
Dohody o financovaní dodávateľov (dodatky k IAS 7 a IFRS 7) | Annual periods beginning on or after 1 January 2024. |
c) Accounting standards issued but not yet effective
At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date. None of these standards are expected to have a significant impact on the Group.
Normy | Dátum účinnosti |
IFRS S1 Všeobecné požiadavky na zverejňovanie finančných informácií súvisiacich s udržateľnosťou | No earlier than 1 January 2026. |
IFRS S2 Zverejnenia týkajúce sa klímy | No earlier than 1 January 2026. |
Presentation and Disclosures in Financial Statements (IFRS 18)1 | Annual periods beginning on or after 1 January 2027. |
IFRS 19 Subsidiaries without Public Accountability: Disclosures (IFRS 19)1 | Annual periods beginning on or after 1 January 2027. |
Dodatky k IFRS | Dátum účinnosti |
Nedostatok vymeniteľnosti (zmeny a doplnenia IAS 21)1 | Annual periods beginning on or after 1 January 2025. |
Classification and measurement of financial instruments (Amendments IFRS 9 and IFRS 7)1 | Annual periods beginning on or after 1 January 2026. |
1 These amendments are still subject to UK endorsement.
d) Critical accounting judgements and key sources of estimation uncertainty
The critical accounting judgements and keys estimate applied in these interim financial statements (which are consistent with the 2023 year-end, except for Compañía de Minas Buenaventura S.A.A accounting) are:
rozsudky
● Non-financial assets impairment indicators and reversal of impairment - see Note 4 for relevant details.
● During 2023, the Group entered into an agreement to acquire up to 30 million shares in Compañía de Minas Buenaventura S.A.A. (''Buenaventura''), representing approximately 12% of Buenaventura's issued share capital. In addition, the Group held as of December 31, 2023 an existing holding of approximately 18.1 million shares in Buenaventura, representing approximately 7% of Buenaventura's issued share capital. In March 2024, the transaction pursuant to the agreement completed, resulting in the Group holding approximately 48.1 million shares in Buenaventura, representing approximately 19% of Buenaventura's issued share capital. Two Antofagasta officers were elected to Buenaventura's Board in March 2024. Taking into account relevant factors including the Group's approximately 19% interest in Buenaventura's issued share capital and the Group's representation on Buenaventura's Board, the Group is considered to have significant influence (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition) over Buenaventura from March 2024 onwards. Accordingly, the Group's interest in Buenaventura has been accounted for as an investment in associate from that point.
odhady
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. As at 30 June 2024, there were not considered to be particular estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next 12 months.
2. Operating profit from subsidiaries, and total profit from associates and joint ventures
Six months ended 30.06.2024 (Unaudited) | Six months ended 30.06.2023 (Unaudited) | ||
| |||
$m | $m | ||
Výnosy | 2,955.2 | 2,890.1 | |
Náklady na predaj | (1,852.5) | (1,677.2) | |
Hrubý zisk | 1,102.7 | 1,212.9 | |
Administratívne a distribučné náklady | (299.8) | (316.4) | |
Ostatné prevádzkové výnosy | 24.5 | 21.1 | |
Ostatné prevádzkové náklady 1 | (156.1) | (143.9) | |
Operating profit from subsidiaries | 671.3 | 773.7 | |
Net share of results from associates and joint ventures | 17.2 | (0.4) | |
Total operating profit from subsidiaries, and share of total results from associates and joint ventures | 688.5 | 773.3 |
1Other operating expenses comprise $26.8 million of exploration and evaluation expenditure for the 2024 half year (šesť mesiacov do 30. júna 2023 - $29.3 million), $9.0 million in respect of the employee severance provision for the 2024 half year (six months ended 30 June 2023 - $10.3 million), $0.4 million in respect of the closure provision for the 2024 half year (six months ended 30 June 2023 - $14.7 million), and $119.9 million of other expenses for the 2024 half year (including costs of community programmes, project evaluation costs and the "ad valorem" element of the new mining royalty) (six months ended 30 June 2023 - $89.6 million).
3. Výnimočné položky
Exceptional items are material items of income and expense which are non-regular or non-operating and typically non-cash, including impairments and profits or losses on disposals. The tax effect of items presented as exceptional is also classified as exceptional, as are material deferred tax adjustments that relate to more than one reporting period. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the underlying earnings generated by the ongoing businesses of the Group.
Compañía de Minas Buenaventura S.A.A
During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Compañía de Minas Buenaventura S.A.A. An exceptional fair value gain of $51.0 million (six months ended 30 June 2023 - nil) was recognised during the first six months of 2024 in respect of this agreement. A deferred tax expense of $12.7 million (six months ended 30 June 2023 - nil) has been recognised in respect of this gain, resulting in a post-tax impact of $38.3 million (six months ended 30 June 2023 - nil).
4. Asset sensitivities
There were no indicators of potential impairment, or reversal of previous impairments, for the Group's non-current assets associated with its mining operations as at 30 June 2024, and accordingly no impairment tests have been performed. The impairment indicator assessment included consideration of the potential indicators set out in IAS 36, 'Impairment of Assets', which included quantitative analysis based on the operations' life-of-mine models as adjusted for certain assumptions (including potential future development opportunities) ("the models"). These models provide indicative valuations and do not represent, or comply with, a formal impairment assessment prepared in accordance with IAS 36.
As noted above, no qualitative indicators of potential impairment or potential reversal of impairment were identified. Similarly, no quantitative indicators of impairment were identified, with the models used within the impairment indicator assessment continuing to indicate positive headroom for all of the Group's mining operations, including the Zaldívar joint venture, with the indicated value of the assets in excess of their carrying value.
Relevant aspects of this process are detailed below:
Copper price outlook
The assumption to which the value of the assets is most sensitive is the future long-term copper price. The copper price forecasts (representing the Group's estimates of the assumptions that would be used by independent market participants in valuing the assets) are based on consensus analyst forecasts. A long-term copper price of $4.00/lb (reflecting 2024 real terms) has been used in the models for the impairment indicator assessment, which has increased from $3.70/lb (reflecting 2023 real terms) at the prior year-end.
The US dollar/Chilean peso exchange rate
The value of the assets is also sensitive to movements in the US dollar/Chilean peso exchange rate. A long-term exchange rate of Ch$850/$1 has been used in the models considered as part of the impairment indicator assessment. This compares with the long-term exchange rate of Ch$785/$1 used at the 2023 year-end.
Diskontná sadzba
A real post-tax discount rate of 8% (31 December 2023 - 8%), calculated using relevant market data, has been used in the impairment indicator assessment.
Klimatické riziká
The assessments reflect the Group's estimates of potential future climate-related impacts. The Group's Annual Report disclosures are in line with the recommendations of the Task Force on Climate-related Financial Disclosures (''TCFD''). This process includes scenario analyses assessing the potential future impact of transition and physical risks, as well as potential copper price upside (for example, due to increased demand for the construction of electric vehicles and renewable power generating capacity). On the basis that the potential copper price upside is expected to exceed the downside impact of future risks, no specific adjustments have been reflected in these assessments in relation to climate-change.
Other relevant assumptions
In addition to the impact of the future copper price, the US dollar/Chilean peso exchange rate, the discount rate and climate-related impacts, the models used in the impairment indicator assessment are sensitive to the assumptions in respect of future production levels, operating costs and sustaining and development capital expenditure.
In the case of Zaldívar, in addition to the assumptions made in respect of the factors outlined above, the conclusion that there are no impairment indicators reflects certain assumptions about future operational consideration to which the model used as part of the impairment indicator assessment is sensitive, in particular the following:
· Currently, Zaldívar is permitted to extract water and mine until May 2025. The mine life after May 2025 is subject to an EIA application which was filed in June 2023 to extend the mining and water environmental permits to 2051. The EIA application includes a proposal to develop the primary sulphide ore deposit, extending the current life of mine and requiring investments over the mine life of $1.2 billion, and a conversion of the water source for Zaldívar to either seawater or water from third parties, following a transition period during which the current continental water extraction permit is extended from 2025 to 2028. The impairment indicator assessment assumes that the EIA will be granted, to enable the continued operation of the mine without interruption. However, if this is not the case, this is likely to be considered an indicator of a potential impairment, requiring an IAS 36 impairment assessment at that point.
· Zaldívar's final pit phase, which represents approximately 20% of current ore reserves, impacts a portion of Minera Escondida's mine property, as well as infrastructure owned by third parties. Mining of the phase will be subject to agreements or easements to access these areas and relocate the infrastructure, as well as related permits. During 2023, Zaldívar reached an agreement with Escondida with respect to mining matters and certain cost sharing arrangements. The impairment indicator assessment assumes that the necessary agreements, easements and permits will be obtained to allow the mining of the final pit phase.
The carrying value of the Group's investment in joint venture balance in respect of Zaldívar as at 30 June 2024 was $886.1 million. (31 December 2023 − $881.3 million).
Indicators of potential reversal of previous impairments
Antucoya recognised impairments totalling $716 million in 2012 and 2016. Of the original impairment amounts, approximately $470 million remains in effect unamortised as at 30 June 2024. Based on an assessment of both qualitative and quantitative factors, there were no indicators of a potential reversal of these previous impairments as at 30 June 2024. Whilst the indicative valuation exercise for Antucoya as at 30 June 2024 indicated positive headroom, the analysis also indicated that this positive headroom reflects the passage of time since the original impairment assessments, rather a significant increase in the service potential of the operation, and accordingly is not considered to be an indicator of a potential impairment reversal.
5. Segmentová analýza
The Group's reportable segments, which are the same as its operating segments, are as follows:
● Los Pelambres
● hliadka
● Antucoya
● Zaldívar
● Prieskum a hodnotenie
● Corporate and other items
● Transport division
For management purposes, the Group is organised into two business divisions based on their products - Mining and Transport. The mining division is split further for management reporting purposes to show results by mine and exploration activity. Los Pelambres produces primarily copper concentrate and molybdenum as a by-product. Centinela produces copper concentrate containing gold as a by-product, copper cathodes and molybdenum concentrates. Antucoya and Zaldívar produce copper cathodes. The transport division provides rail and road cargo transport together with a number of ancillary services. All the operations are based in Chile. The Exploration and evaluation segment incurs exploration and evaluation expenses. "Corporate and other items" comprises costs incurred by the Company, Antofagasta Minerals S.A., the Group's mining corporate centre and other entities, that are not allocated to any individual business segment. Consistent with its internal management reporting, the Group's corporate and other items are included within the mining division.
The Chief Operating decision-maker (the Group's Chief Executive Officer) monitors the operating results of the business segments separately for the purpose of making decisions about resources to be allocated and assessing performance. Segment performance is evaluated based on the operating profit of each of the segments.
a) Segment revenues and results
For the six months ended 30.06.2024 (Unaudited)
Los Pelambres | hliadka | Antucoya | Zaldívar | Prieskum a hodnotenie2 | Corporate and other items | Total Mining | Transport division | Spolu | |
$m | $m | $m | $m | $m | $m | $m | $m | $m | |
|
| ||||||||
Výnosy | 1,526.7 | 970.8 | 359.7 | - | - | - | 2,857.2 | 98.0 | 2,955.2 |
Operating costs excluding depreciation | (641.6) | (640.9) | (225.8) | - | (26.8) | (42.4) | (1,577.5) | (59.2) | (1,636.7) |
znehodnotenie | (209.5) | (359.8) | (55.8) | - | - | (4.9) | (630.0) | (17.2) | (647.2) |
prevádzkový zisk/(strata) | 675.6 | (29.9) | 78.1 | - | (26.8) | (47.3) | 649.7 | 21.6 | 671.3 |
Net share of results from associates and joint ventures | - | - | - | 6.7 | - | 10.3 | 17.0 | 0.2 | 17.2 |
Total operating profit from subsidiaries, and share of total results from associates and joint ventures | 675.6 | (29.9) | 78.1 | 6.7 | (26.8) | (37.0) | 666.7 | 21.8 | 688.5 |
Výnosy z investícií | 16.4 | 15.4 | 3.7 | - | - | 37.6 | 73.1 | 0.4 | 73.5 |
Úrokové náklady | (59.9) | (24.1) | (15.5) | - | - | (32.4) | (131.9) | (0.2) | (132.1) |
Other finance items (Excluding exceptional items) | 10.0 | 17.4 | 3.4 | - | - | 2.0 | 32.8 | (1.1) | 31.7 |
Fair value gain on other financial assets - exceptional items 3 | - | - | - | - | - | 51.0 | 51.0 | - | 51.0 |
Zisk/(strata) pred zdanením | 642.1 | (21.2) | 69.7 | 6.7 | (26.8) | 21.2 | 691.7 | 20.9 | 712.6 |
Daň | (259.0) | 3.7 | (18.1) | - | - | (9.2) | (282.6) | (4.2) | (286.8) |
Tax - exceptional items | - | - | - | - | - | (12.7) | (12.7) | - | (12.7) |
Zisk/(strata) za obdobie | 383.1 | (17.5) | 51.6 | 6.7 | (26.8) | (0.7) | 396.4 | 16.7 | 413.1 |
|
|
| |||||||
Nekontrolné záujmy | 152.1 | (6.9) | 9.2 | - | - | (0.9) | 153.5 | - | 153.5 |
|
| ||||||||
Profit/(losses) attributable to the owners of the parent | 231.0 | (10.6) | 42.4 | 6.7 | (26.8) | 0.2 | 242.9 | 16.7 | 259.6 |
|
|
| |||||||
EBITDA1 | 885.1 | 329.9 | 133.9 | 50.9 | (26.8) | (21.1) | 1,351.9 | 42.5 | 1,394.4 |
|
|
| |||||||
Capital Expenditure (cash basis)4 | 355.1 | 631.3 | 52.1 | - | - | 1.7 | 1,040.2 | 19.3 | 1,059.5 |
|
| ||||||||
Segmentujte aktíva a pasíva |
|
| |||||||
Segmentovať aktíva | 8,104.0 | 7,438.6 | 1,884.6 | - | - | 2,178.6 | 19,605.8 | 419.0 | 20,024.8 |
Investície do pridružených a spoločných podnikov | - | - | - | 886.1 | - | 820.9 | 1,707.0 | 10.0 | 1,717.0 |
Záväzky segmentu | (4,128.4) | (2,764.4) | (524.6) | - | - | (1,994.9) | (9,412.3) | (57.0) | (9,469.3) |
1 EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.
2 Operating cash outflow in the exploration and evaluation segment was $24.0 million.
In order to better reflect the Group's internal reporting, the Group has changed the classification of certain evaluation costs incurred by the individual mining operations, which were previously included in the Exploration and evaluation segment and are now included within the individual mine segments.
3 An exceptional fair value gain of $51.0 million has been recognised in respect of an agreement under which the Group has now acquired 30 million shares in Compañia de Minas Buenaventura S.A.A. (see Note 14).
4 In order to better reflect the Group's internal reporting, the Group has changed the basis of its capital expenditure segment measure to be on a cash basis rather than an accruals basis.
For the six months ended 30.06.2023 (Unaudited)
Los Pelambres | hliadka | Antucoya | Zaldívar | Prieskum a hodnotenie2 | Corporate and other items | Spolu Baníctvo | Transport division | Spolu | |
$m | $m | $m | $m | $m | $m | $m | $m | $m | |
|
| ||||||||
Výnosy | 1,332.4 | 1,128.7 | 330.5 | - | - | - | 2,791.6 | 98.5 | 2,890.1 |
Operating costs excluding depreciation and amortisation | (576.0) | (656.9) | (228.3) | - | (29.3) | (51.7) | (1,542.2) | (62.9) | (1,605.1) |
Odpisy a amortizácia | (137.5) | (300.6) | (52.3) | - | - | (7.9) | (498.3) | (13.0) | (511.3) |
prevádzkový zisk/(strata) | 618.9 | 171.2 | 49.9 | - | (29.3) | (59.6) | 751.1 | 22.6 | 773.7 |
Net share of results from associates and joint ventures | - | - | - | (1.7) | - | - | (1.7) | 1.3 | (0.4) |
Total operating profit from subsidiaries, and share of total result from associates and joint ventures | 618.9 | 171.2 | 49.9 | (1.7) | (29.3) | (59.6) | 749.4 | 23.9 | 773.3 |
Výnosy z investícií | 20.4 | 6.7 | 3.2 | - | - | 41.4 | 71.7 | 0.4 | 72.1 |
Úrokové náklady | (2.2) | (7.2) | (14.8) | - | - | (26.1) | (50.3) | (0.6) | (50.9) |
Ostatné finančné položky | (8.7) | (14.1) | (2.8) | - | - | (5.4) | (31.0) | 1.0 | (30.0) |
Zisk/(strata) pred zdanením | 628.4 | 156.6 | 35.5 | (1.7) | (29.3) | (49.7) | 739.8 | 24.7 | 764.5 |
Daň | (193.6) | (47.9) | (6.6) | - | - | 28.0 | (220.1) | (9.2) | (229.3) |
Zisk/(strata) za obdobie | 434.8 | 108.7 | 28.9 | (1.7) | (29.3) | (21.7) | 519.7 | 15.5 | 535.2 |
|
|
| |||||||
Nekontrolné záujmy | 172.3 | 31.6 | 2.5 | - | - | (1.6) | 204.8 | - | 204.8 |
|
| ||||||||
Profit/(loss) attributable to the owners of the parent | 262.5 | 77.1 | 26.4 | (1.7) | (29.3) | (20.1) | 314.9 | 15.5 | 330.4 |
|
|
| |||||||
EBITDA1 | 756.4 | 471.8 | 102.2 | 42.5 | (29.3) | (51.7) | 1,291.9 | 39.1 | 1,331.0 |
|
|
| |||||||
Capital Expenditure (cash basis) 3 | 486.6 | 459.0 | 41.2 | - | - | 10.5 | 997.3 | 24.6 | 1,021.9 |
|
| ||||||||
Segmentujte aktíva a pasíva |
|
| |||||||
Segmentovať aktíva | 7,178.1 | 5,904.7 | 1,679.2 | - | - | 1,952.7 | 16,714.7 | 411.8 | 17,126.5 |
Investície do pridružených a spoločných podnikov | - | - | - | 894.8 | - | - | 894.8 | 8.5 | 903.3 |
Záväzky segmentu | (3,125.8) | (1,437.0) | (511.4) | - | - | (1,199.9) | (6,274.1) | (75.2) | (6,349.3) |
1 EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.
2 Operating cash outflow in the exploration and evaluation segment was $31.1 million.
In order to better reflect the Group's internal reporting, the Group has changed the classification of certain evaluation costs incurred by the individual mining operations, which were previously included in the Exploration and evaluation segment and are now included within the individual mine segments. The above comparative figures for the six months ended 30 June 2023 have been restated to be on a consistent basis. This has resulted in an increase in operating costs excluding depreciation and amortisation of $13.5 million for Los Pelambres, $17.5 million for Centinela and $1.7 million for Antucoya, and a corresponding decrease of $32.7 million for the Exploration and evaluation segment.
3 In order to better reflect the Group's internal reporting, the Group has changed the basis of its capital expenditure segment measure to be on a cash basis rather than an accruals basis. The above comparative figures for the six months ended 30 June 2023 have been restated to be on a consistent basis. The previously reported figures on an accruals basis were $480.1 million for Los Pelambres, $458.1 million for Centinela, $48.0 million for Antucoya, $11.8 million for Corporate, $998.0 million in total for the Mining division, $26.3 million for the Transport division and $1,024.3 million in total for the Group.
b) Entity wide disclosures
Výnosy podľa produktu
Šesť mesiacov sa skončilo 30.06.2024 | Šesť mesiacov sa skončilo 30.06.2023 | |
$m | $m | |
meď |
| |
- Los Pelambres | 1,221.2 | 1,054.6 |
- Centinela concentrates | 363.9 | 575.8 |
- Centinela cathodes | 436.0 | 327.4 |
- Antucoya | 356.5 | 327.2 |
Provision of shipping services |
| |
- Los Pelambres | 28.2 | 23.0 |
- Centinela concentrates | 10.6 | 18.3 |
- Centinela cathodes | 3.4 | 3.2 |
- Antucoya | 3.2 | 3.3 |
zlato |
| |
- Los Pelambres | 39.9 | 41.5 |
- Centinela concentrates | 100.9 | 115.2 |
Molybdén |
| |
- Los Pelambres | 217.3 | 197.6 |
- Centinela concentrates | 48.7 | 74.6 |
Strieborná |
| |
- Los Pelambres | 20.0 | 15.7 |
- Centinela concentrates | 7.4 | 14.2 |
|
| |
Total Mining | 2,857.2 | 2,791.6 |
Transport division | 98.0 | 98.5 |
2,955.2 | 2,890.1 |
Revenue by location of customer
Šesť mesiacov sa skončilo 30.06.2024 | Šesť mesiacov sa skončilo 30.06.2023 | |
$m | $m | |
Európa |
| |
- Spojené kráľovstvo | 15.8 | 6.9 |
- Switzerland | 142.2 | 188.0 |
- Spain | 46.8 | - |
- Germany | 35.2 | 82.8 |
- Rest of Europe | 116.7 | 37.9 |
Latinská Amerika |
| |
- Chile | 200.9 | 217.9 |
- Rest of Latin America | 140.4 | 45.4 |
Severná Amerika |
| |
- United States | 110.4 | 173.4 |
Ázie a Tichomoria |
| |
- Japan | 964.7 | 952.6 |
- China | 640.0 | 584.8 |
- Singapore | 170.8 | 244.0 |
- South Korea | 193.0 | 235.6 |
- Hong Kong | 56.2 | 75.9 |
- Rest of Asia | 122.1 | 44.9 |
2,955.2 | 2,890.1 |
Informácie o hlavných zákazníkoch
In the first half of 2024, the Group´s mining revenue included $446.6 million related to one large customer that individually accounted for more than 10% of the Group's revenue (six months ended 30 June 2023 - one large customer representing $519.9 million)
6. Výnosy
Copper and molybdenum concentrate sale contracts and copper cathode sale contracts generally provide for provisional pricing of sales at the time of shipment, with final pricing being based on the monthly average London Metal Exchange copper price or monthly average molybdenum price for specified future periods. This normally ranges from one to four months after shipment to the customer. For sales contracts which contain provisional pricing mechanisms, the total receivable balance is measured at fair value through profit or loss. Gains and losses from the mark-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade receivables in the balance sheet. The Group determines mark-to-market prices using forward prices at each period-end for copper concentrate and cathode sales, and period-end month average prices for molybdenum concentrate sales due to the absence of a futures market in the market price references for that commodity in the majority of the Group's contracts.
With sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a "treatment and refining charge" deduction, to reflect the lower value of this partially processed material compared with the fully refined metal.
The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. The shipping service represents a separate performance obligation, and is recognised separately from the sale of the material over time as the shipping service is provided.
The total revenue from contracts with customers and the impact of provisional pricing adjustments in respect of concentrate and cathode sales is as follows:
Šesť mesiacov sa skončilo 30.06.2024 | Šesť mesiacov sa skončilo 30.06.2023 | |
$m | $m | |
Výnosy zo zmlúv so zákazníkmi |
| |
Predaj výrobkov | 2,662.8 | 2,747.5 |
Provision of shipping services associated with the sale of products 1 | 45.4 | 47.8 |
Transport division 2 | 98.0 | 98.5 |
| ||
Provisional pricing adjustments in respect of copper, gold and molybdenum | 149.0 | (3.7) |
| ||
Celkové príjmy | 2,955.2 | 2,890.1 |
1The Group sells a significant proportion of its products on Cost, Insurance & freight (CIF) incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer.
2The transport division provides rail and road cargo transport together with a number of ancillary services.
The categories of revenue which are principally affected by different economic factors are the individual product types. A summary of revenue by product is set out in Note 5(b).
The following tables set out the impact of provisional pricing adjustments, and treatment and refining charges for the more significant products. The revenue from these products, which includes, for the sale of copper, revenue associated with the provision of shipping services, is reconciled to total revenue in Note 5(b).
Za obdobie končiace sa 30. júna 2024
$m | $m | $m | $m | $m | $m | $m | $m | |
| Los Pelambres | hliadka | hliadka | Antucoya | Los Pelambres | hliadka | Los Pelambres | hliadka |
| Medený koncentrát | Medený koncentrát | Copper cathodes | Copper cathodes | Gold in concentrate | Gold in concentrate | Molybdenum concentrate | Molybdenum concentrate |
| ||||||||
Provisionally priced sales of products | 1,211.7 | 355.8 | 431.8 | 350.1 | 39.4 | 98.3 | 210.0 | 45.5 |
Revenue from freight services | 28.2 | 10.6 | 3.4 | 3.2 | - | - | - | - |
| 1,239.9 | 366.4 | 435.2 | 353.3 | 39.4 | 98.3 | 210.0 | 45.5 |
Effects of pricing adjustments to previous year invoices |
|
|
|
|
|
|
|
|
Reversal of mark-to-market adjustments at the end of the previous year | (45.1) | (16.2) | (0.3) | (0.2) | - | (2.6) | 1.0 | 0.4 |
Settlement of sales invoiced in the previous year | 62.5 | 28.2 | (1.0) | (0.9) | (0.4) | 1.5 | 3.3 | 1.6 |
Total effect of adjustments to previous year invoices in the current year | 17.4 | 12.0 | (1.3) | (1.1) | (0.4) | (1.1) | 4.3 | 2.0 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Effects of pricing adjustments to current period invoices |
|
|
|
|
|
|
|
|
Settlement of sales invoiced in the current period | 71.1 | 25.1 | 6.6 | 8.2 | 1.0 | 3.7 | 10.2 | 3.3 |
Mark-to-market adjustments at the end of the current period | (12.0) | (5.4) | (1.1) | (0.7) | - | 0.1 | 5.2 | 1.8 |
Total effect of adjustments to current period invoices | 59.1 | 19.7 | 5.5 | 7.5 | 1.0 | 3.8 | 15.4 | 5.1 |
|
|
|
|
|
|
|
|
|
Total pricing adjustments | 76.5 | 31.7 | 4.2 | 6.4 | 0.6 | 2.7 | 19.7 | 7.1 |
|
|
|
|
|
|
|
|
|
Revenue before deducting treatment & refining charges | 1,316.4 | 398.1 | 439.4 | 359.7 | 40.0 | 101.0 | 229.7 | 52.6 |
|
|
|
|
|
|
|
| |
Poplatky za spracovanie a rafináciu | (67.0) | (23.6) | - | - | (0.1) | (0.1) | (12.4) | (3.9) |
Revenue net of tolling charges |
|
|
|
|
|
|
|
|
1,249.4 | 374.5 | 439.4 | 359.7 | 39.9 | 100.9 | 217.3 | 48.7 |
Za obdobie končiace sa 30. júna 2023
$m | $m | $m | $m | $m | $m | $m | $m | |
| Los Pelambres | hliadka | hliadka | Antucoya | Los Pelambres | hliadka | Los Pelambres | hliadka |
| Medený koncentrát | Medený koncentrát | Copper cathodes | Copper cathodes | Gold in concentrate | Gold in concentrate | Molybdenum concentrate | Molybdenum concentrate |
| ||||||||
Provisionally priced sales of products | 1,091.7 | 598.1 | 324.2 | 325.3 | 38.0 | 117.2 | 237.6 | 91.6 |
Revenue from freight services | 23.0 | 18.3 | 3.2 | 3.3 | - | - | - | - |
| 1,114.7 | 616.4 | 327.4 | 328.6 | 38.0 | 117.2 | 237.6 | 91.6 |
Effects of pricing adjustments to previous year invoices |
|
|
|
|
|
|
|
|
Reversal of mark-to-market adjustments at the end of the previous year | (38.0) | (19.9) | (0.8) | (0.8) | - | (2.7) | (12.6) | (7.6) |
Settlement of sales invoiced in the previous year | 92.6 | 52.9 | 10.3 | 7.7 | 2.8 | 1.1 | 39.9 | 14.9 |
Total effect of adjustments to previous year invoices in the current year | 54.6 | 33.0 | 9.5 | 6.9 | 2.8 | (1.6) | 27.3 | 7.3 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Effects of pricing adjustments to current period invoices |
|
|
|
|
|
|
|
|
Settlement of sales invoiced in the current period | (29.1) | (14.6) | (6.4) | (4.1) | 0.7 | 0.7 | (59.8) | (20.6) |
Mark-to-market adjustments at the end of the current period | (10.1) | (5.5) | 0.1 | (0.9) | - | (0.8) | 4.0 | 1.6 |
Total effect of adjustments to current period invoices | (39.2) | (20.1) | (6.3) | (5.0) | 0.7 | (0.1) | (55.8) | (19.0) |
|
|
|
|
|
|
|
|
|
Total pricing adjustments | 15.4 | 12.9 | 3.2 | 1.9 | 3.5 | (1.7) | (28.5) | (11.7) |
|
|
|
|
|
|
|
|
|
Revenue before deducting treatment & refining charges | 1,130.1 | 629.3 | 330.6 | 330.5 | 41.5 | 115.5 | 209.1 | 79.9 |
|
|
|
|
|
|
|
| |
Poplatky za spracovanie a rafináciu | (52.6) | (35.2) | - | - | - | (0.3) | (11.5) | (5.3) |
Revenue net of tolling charges |
|
|
|
|
|
|
|
|
1,077.5 | 594.1 | 330.6 | 330.5 | 41.5 | 115.2 | 197.6 | 74.6 |
(i) Copper concentrate
The typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four months from shipment date.
| V 30.06.2024 | V 30.06.2023 | |
Sales provisionally priced at the balance sheet date | ton | 112,400 | 141,400 |
Average mark-to-market price | $/lb | 4.33 | 3.77 |
Average provisional invoice price | $/lb | 4.42 | 3.83 |
(ii) Copper cathodes
The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date.
| V 30.06.2024 | V 30.06.2023 | |
Sales provisionally priced at the balance sheet date | ton | 14,300 | 10,600 |
Average mark-to-market price | $/lb | 4.30 | 3.78 |
Average provisional invoice price | $/lb | 4.36 | 3.81 |
(iii) Gold in concentrate
The typical period for which sales of gold in concentrate remain open until settlement is approximately one month from shipment date.
|
| V 30.06.2024 | V 30.06.2023 |
Sales provisionally priced at the balance sheet date | unca | 10,500 | 19,200 |
Average mark-to-market price | $/oz | 2,337 | 1,924 |
Average provisional invoice price | $/oz | 2,329 | 1,967 |
(iv) Molybdenum concentrate
The typical period for which sales of molybdenum remain open until settlement is approximately two months from shipment date.
| V 30.06.2024 | V 30.06.2023 | |
Sales provisionally priced at the balance sheet date | ton | 2,700 | 2,900 |
Average mark-to-market price | $/lb | 23.20 | 22.30 |
Average provisional invoice price | $/lb | 21.95 | 21.40 |
As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade receivables in the balance sheet. The effect of mark-to-market adjustments on the balance sheet at the end of each period are as follows:
| Effect on debtors of period and year end mark-to-market adjustments | ||
Šesť mesiacov skončila 30.06.2024 | Šesť mesiacov sa skončilo 30.06.2023 | ||
$m | $m | ||
Los Pelambres - copper concentrate |
| (12.0) | (10.1) |
Los Pelambres - molybdenum concentrate |
| 5.2 | 4.0 |
Centinela - copper concentrate |
| (5.4) | (5.5) |
Centinela - molybdenum concentrate |
| 1.8 | 1.6 |
Centinela - gold in concentrate |
| 0.1 | (0.8) |
Centinela - copper cathodes |
| (1.1) | 0.1 |
Antucoya - copper cathodes |
| (0.7) | (0.9) |
(12.1) | (11.6) |
7. Financial instruments and financial risk management
a) Categories of financial instruments
The carrying value of financial assets and financial liabilities is shown below:
For the period ended 30.06.2024 | ||||
V reálnej hodnote cez výkaz ziskov a strát | At fair value through other comprehensive income | Držané v amortizovaných nákladoch | Spolu | |
$m | $m | $m | $m | |
Finančné aktíva | ||||
Investície do akcií | - | 15.3 | - | 15.3 |
Obchodné a iné pohľadávky | 647.4 | - | 198.2 | 845.6 |
Peňažné prostriedky a ich ekvivalenty | 124.0 | - | 1,384.5 | 1,508.5 |
Likvidné investície | 2,923.7 | - | - | 2,923.7 |
3,695.1 | 15.3 | 1,582.7 | 5,293.1 | |
Finančné záväzky | ||||
Derivátové finančné nástroje | - | (15.7) | - | (15.7) |
Obchodné a iné záväzky | - | - | (1,127.8) | (1,127.8) |
Ostatné finančné záväzky | - | - | (600.0) | (600.0) |
výpožičky | - | - | (5,270.8) | (5,270.8) |
- | (15.7) | (6,998.6) | (7,014.3) | |
| ||||
Za rok, ktorý sa skončil 31.12.2023 | ||||
V reálnej hodnote cez výkaz ziskov a strát | At fair value through other comprehensive income | Držané v amortizovaných nákladoch | Spolu | |
$m | $m | $m | $m | |
Finančné aktíva | ||||
Investície do akcií | - | 288.6 | - | 288.6 |
Obchodné a iné pohľadávky | 916.5 | - | 157.1 | 1,073.6 |
Ostatné finančné aktíva | 457.2 | - | - | 457.2 |
Peňažné prostriedky a ich ekvivalenty | 1.1 | - | 643.6 | 644.7 |
Likvidné investície | 2,274.7 | - | - | 2,274.7 |
3,649.5 | 288.6 | 800.7 | 4,738.8 | |
|
|
|
| |
Finančné záväzky | ||||
Obchodné a iné záväzky | - | - | (1,154.3) | (1,154.3) |
výpožičky | - | - | (4,079.2) | (4,079.2) |
- | - | (5,233.5) | (5,233.5) |
The fair value of the fixed rate bonds included within the "Borrowings" category was $1,691.9 million at 30 June 2024 compared with their carrying value of $1,729.1 million (year ended 31 December 2023 - fair value of $908.3 million compared with their carrying value of $986.8 million). The fair value of all other financial assets and financial liabilities carried at amortised cost approximates the carrying value presented above.
The following tables reconcile between the total trade and other receivables and trade and other payables balances on the balance sheet with the financial instrument amounts included in this note:
Šesť mesiacov skončila 30.06.2024 | Rok sa skončil 31.12.2023 | |
Finančné aktíva |
|
|
Trade and other receivables (non-current) per balance sheet | 60.4 | 68.5 |
Trade and other receivables (current) per balance sheet | 904.0 | 1,117.8 |
Total trade and other receivables per balance sheet | 964.4 | 1,186.3 |
Less: non-financial assets (including prepayments and VAT receivables) | (118.8) | (112.7) |
Celkové obchodné a iné pohľadávky | 845.6 | 1,073.6 |
Finančné záväzky | ||
Trade and other payables (current) per balance sheet | (1,268.3) | (1,171.5) |
Trade and other payables (non-current) per balance sheet | (8.8) | (9.8) |
Total trade and other payables per balance sheet | (1,277.1) | (1,181.3) |
Less: non-financial liabilities (including VAT payables) | 149.3 | 27.0 |
Celkové obchodné a iné záväzky | (1,127.8) | (1,154.3) |
Reálna hodnota finančných nástrojov
An analysis of financial assets and financial liabilities measured at fair value is presented below:
For the period ended 30.06.2024 | ||||
Level 1 | Level 2 | Level 3 | Spolu | |
$m | $m | $m | $m | |
Finančné aktíva | ||||
Equity investments (a) | 15.3 | - | - | 15.3 |
Trade and other receivables (b) | - | 647.4 | - | 647.4 |
Cash and cash equivalents (d) | 124.0 | - | - | 124.0 |
Liquid investments (e) | - | 2,923.7 | - | 2,923.7 |
139.3 | 3,571.1 | - | 3,710.4 | |
Finančné záväzky | ||||
Derivatives financial instruments (f) | - | (15.7) | - | (15.7) |
- | (15.7) | - | (15.7) |
Za rok, ktorý sa skončil 31.12.2023 | ||||
Level 1 | Level 2 | Level 3 | Spolu | |
$m | $m | $m | $m | |
Finančné aktíva | ||||
Equity investments (a) | 288.6 | - | - | 288.6 |
Trade and other receivables (b) | - | 916.5 | - | 916.5 |
Other financial assets (c) | - | 457.2 | - | 457.2 |
Cash and cash equivalents (d) | 1.1 | - | - | 1.1 |
Liquid investments (e) | - | 2,274.7 | - | 2,274.7 |
289.7 | 3,648.4 | - | 3,938.1 |
Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting period.
a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below.
b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while period-end average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below.
c) The fair value of the other financial assets has been calculated using observable market data. These are level 2 inputs.
d) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below.
e) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below.
f) Derivatives in designated hedge accounting relationships are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These are level 2 inputs as described below. Hedging instruments at 30 June 2024 relate to foreign exchange and commodity options.
The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs):
Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 fair value measurement inputs are unobservable inputs for the asset or liability.
The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the six months ended 30 June 2024 and 30 June 2023, there were no transfers between levels in the hierarchy.
b) Derivative financial instruments
The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in profit or loss in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in profit or loss. Realised gains and losses on commodity derivatives recognised in profit or loss are recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value. Changes in fair value are reported in profit or loss for the year.
8. Net finance income/(expense)
Šesť mesiacov skončila 30.06.2024 | Šesť mesiacov skončila 30.06.2023 | |
| $m | $m |
Výnosy z investícií |
| |
Úrokový výnos | 30.5 | 28.8 |
Gains on liquid investments held at fair value through profit or loss | 43.0 | 43.3 |
73.5 | 72.1 | |
|
| |
Úrokové náklady |
| |
Úrokové náklady | (132.1) | (50.9) |
| (132.1) | (50.9) |
|
| |
Ostatné finančné položky |
| |
Uvoľnenie zľavy z opravných položiek | (9.7) | (7.9) |
Exceptional fair value gains (see note 3) | 51.0 | - |
Účinky zmien výmenných kurzov | 41.5 | (22.0) |
Preferenčné dividendy | (0.1) | (0.1) |
| 82.7 | (30.0) |
Čistý finančný príjem/(výdavok) | 24.1 | (8.8) |
In the six months ended 30 June 2024, amounts capitalised and consequently not included within the above table were as follows: $20.7 million at Los Pelambres (six months ended 30 June 2023 - $46.6 million) and $6.2 million at Centinela (six months ended 30 June 2023 - $1.7 million).
The interest expense shown above includes $9.6 million in respect of leases (six months ended 30 June 2023 - $4.1 million).
9. Zdaňovanie
The tax charge for the period comprised the following:
Šesť mesiacov skončila 30.06.2024 | Šesť mesiacov skončila 30.06.2023 | |
$m | $m | |
Súčasný daňový poplatok | ||
Corporate tax (principally first category tax in Chile) | (211.8) | (232.9) |
Mining tax (royalty) | (113.3) | (49.0) |
Zrážková daň | (68.9) | (2.2) |
Výmenný kurz | - | (0.2) |
(394.0) | (284.3) | |
| ||
Odložená daň |
| |
Corporate tax (principally first category tax in Chile) | 61.9 | 33.2 |
Mining tax (royalty) | (10.1) | (0.1) |
Výnimočné položky | (12.7) | - |
Zrážková daň | 55.4 | 21.9 |
94.5 | 55.0 | |
| ||
Celková daňová povinnosť | (299.5) | (229.3) |
The rate of first category (i.e. corporate) tax in Chile is 27.0% (2023 - 27.0%).
In addition to first category tax, the Group incurs withholding taxes on any remittance of profits from Chile. Withholding tax is levied on remittances of profits from Chile at 35% less first category (i.e. corporation) tax already paid in respect of the profits to which the remittances relate.
The Group's mining operations are also subject to a mining tax (royalty).
The new Chilean mining royalty has taken effect from 1 January 2024. The new royalty terms include a royalty ranging from 8% to 26% applied to the ''Mining Operating Margin'', depending on each mining operation's level of profitability, as well as a 1% ad valorem royalty on copper sales. As the ad valorem element is based on revenue rather than profit it does not meet the IAS 12 Income Taxes definition of a tax expense, and is therefore recorded as an operating expense. The new royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense.
Los Pelambres has been subject to the new royalty from 1 January 2024. The impact of the new royalty for Los Pelambres in the half year 2024 included the recognition of a $13 million expenses within operating expenses in respect of the ad valorem element. Centinela and Antucoya have tax stability agreements in place, and so the new royalty rates will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a rate of between from 5% to 14% of taxable operating profit, depending on the level of operating profit margin.
The following table provides a numerical reconciliation between the accounting profit before tax multiplied by the applicable statutory tax rate and the total tax expense (including both current and deferred tax).
Šesť mesiacov sa skončilo 30.06.2024 excluding exceptional items |
| Šesť mesiacov sa skončilo 30.06.2024 Including exceptional položky
| Šesť mesiacov sa skončilo 30.06.2023 | |||||||
$m | % |
| $m | % | $m | % | ||||
Zisk pred zdanením |
| 661.6 |
|
| 712.6 |
| 764.5 | |||
Profit before tax multiplied by Chilean corporate tax rate of 27% | (178.7) | 27.0 | (192.4) | 27 | (206.4) | 27.0 | ||||
Mining Tax (royalty) | (117.0) | 17.7 | (117.0) | 16.4 | (47.1) | 6.2 | ||||
Deduction of mining royalty as an allowable expense in determination of first category tax | 30.6 | (4.6) | 30.6 | (4.3) | 13.2 | (1.7) | ||||
Items not deductible from first category tax | (5.6) | 0.8 | (5.6) | 0.8 | (6.9) | 0.9 | ||||
Úprava vzhľadom na predchádzajúce roky | (3.8) | 0.6 | (3.8) | 0.5 | (0.9) | 0.1 | ||||
Rozdiel v zahraničných daňových sadzbách | - | - | 1.0 | (0.1) | - | - | ||||
Zrážková daň | (13.5) | 2.0 | (13.5) | 1.9 | 19.7 | (2.6) | ||||
Tax effect of (loss)/ profit of associates and joint ventures | 2.0 | (0.3) | 2.0 | (0.3) | (0.1) | - | ||||
Impact of previously unrecognised tax losses on current tax | (0.8) | 0.1 | (0.8) | 0.1 | (0.8) | 0.1 | ||||
Tax expense and effective tax rate for the period |
| (286.8) | 43.3 |
| (299.5) | 42.0 |
| (229.3) | 30.0 |
The effective tax rate (excluding exceptional items) of 43.3% varied from the statutory rate principally due to:
· The mining tax (royalty) (net impact of $86.4 million/13.1% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax);
· The withholding tax relating to the remittance of profits from Chile (impact of $13.5 million / 2.0%);
· Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $5.6 million / 0.8%);
· Adjustments in respect of prior years (impact of $3.8 million / 0.6%);
· The impact of previously unrecognised tax losses (impact of $0.8 million / 0.1%); and
· An offsetting impact of the recognition of the Group's share of results from associates and joint ventures, which are included in the Group's profit before tax net of their respective tax charges (impact of $2.0 million / 0.3%).
The effective tax rate (including exceptional items) of 42.0% varied from the statutory rate due to the factors outlined above, and due to the impact of the difference in the overseas tax rate which applied to the exceptional item (tax effect of 25% in the UK versus the 27% Chilean rate).
The main factors which could impact the sustainability of the Group's existing effective tax rate are:
· The level of future distributions made by the Group's Chilean subsidiaries out of Chile, which could result in increased withholding tax charges. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group's dividend policy and the level of potential volatility of the Group's future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level. The withholding tax charge in the comparative period reflected a one-off adjustment of $34.7 million to the provision for deferred withholding tax, as a result of an intra-group restructuring of intercompany balances. This resulted in a 4.5% reduction in the effective tax rate for the six months ended 30 June 2023.
· The impact of expenses which are not deductible for Chilean first category tax. Some of these expenses are fixed costs, and so the relative impact of these expenses on the Group's effective tax rate will vary depending on the Group's total profit before tax in a particular year.
OECD Pillar two model rules
The Group falls within the scope of the OECD Pillar two model rules, which introduces a minimum effective tax rate of 15% for multinational companies.
The rules were substantively enacted in the UK in 2023 and became effective from 1 January 2024. Currently, the Antofagasta Group operates in Chile and is subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any profits distributed from Chile.
The Group is evaluating the potential future impact of these rules on its tax expense. However, based on the Group's current position, it does not anticipate any effect on its 2024 tax expense. There have not been changes to the Group's position or results subsequent to that date which would significantly impact that analysis.
The Group applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities related to Pillar 2 income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023.
Minera Centinela tax claims and queries
In the context of an administrative review, the Chilean Internal Revenue Service (IRS) has raised claims and queries with Minera Centinela in respect of approximately $85 million of tax deductions recognised in relation to the amortisation of start-up costs relating to the Encuentro pit. The Group considers the tax treatment adopted by Minera Centinela to be correct and appropriate, has robust arguments to support its position, and expects its position to be upheld by the review processes. If the Group is unsuccessful in supporting its position, this amount (plus potential interest and penalties) would fall due.
10. Zisk na akciu
Šesť mesiacov sa skončilo 30.06.2024 | Šesť mesiacov ukončené v roku 30.06.2023 | ||
$m | $m | ||
Profit for the period attributable to owners of the parent (excluding exceptional items) | 221.3 | 330.4 | |
Výnimočné položky | 38.3 | - | |
Profit for the period attributable to owners of the parent (including exceptional items) from operations | 259.6 | 330.4 | |
| |||
číslo | číslo | ||
Ordinary shares in issue throughout each period | 985,856,695 | 985,856,695 | |
Šesť mesiacov sa skončilo 30.06.2024 | Šesť mesiacov ukončené v roku 30.06.2023 | ||
US cent | US cent | ||
Basic earnings per share (excluding exceptional items) from operations | 22.4 | 33.5 | |
Basic earnings per share (exceptional items) from operations | 3.9 | - | |
Basic earnings per share (including exceptional items) from operations | 26.3 | 33.5 |
Basic earnings per share are calculated as profit after tax and non-controlling interests, based on 985,856,695 (2023: 985,856,695) ordinary shares.
There was no potential dilution of earnings per share in either year set out above, and therefore diluted earnings per share did not differ from basic earnings per share as disclosed above.
11. dividendy
The Board has declared an interim dividend of 7.9 cents per ordinary share for the 2024 half year (2023 half year - 11.7 cents per ordinary share). Dividends are declared and paid gross. Dividends actually paid in the period and recognised as a deduction from net equity under IFRS were 24.3 cents per ordinary share (2023 half year - 50.5 cents per ordinary share), representing the final dividend declared in respect of the previous year.
The interim dividend will be paid on 30 September 2024 to ordinary shareholders that are on the register at the close of business on 6 September 2024. Shareholders can elect (on or before 9 September 2024) to receive this interim dividend in US Dollars, Pounds Sterling or Euro, and the exchange rate to be applied to interim dividends to be paid in Pounds Sterling or Euro will be set as soon as reasonably practicable after that date (which is currently anticipated to be on 12 September 2024).
Further details of the currency election timing and process (including the default currency of payment) are available on the Antofagasta plc website (www.antofagasta.co.uk) or from the Company's registrar, Computershare Investor Services PLC on +44 370 702 0159.
12. Nehnuteľnosti, stroje a zariadenia
Baníctvo | Railway and other transport | At 30.06.2024 | V 31.12.2023 | |
$m | $m | $m | $m | |
|
|
| ||
Zostatok na začiatku roka | 12,363.5 | 315.2 | 12,678.7 | 11,543.5 |
prírastky | 1,193.9 | 22.1 | 1,216.0 | 2,307.9 |
Additions - depreciation capitalised | 42.3 | - | 42.3 | 90.3 |
Reklasifikácie | - | (0.6) | (0.6) | (0.4) |
Kapitalizácia úrokov | 26.9 | - | 26.9 | 112.1 |
Adjustment to capitalised decommissioning provisions | - | - | - | (31.9) |
Depreciation expensed in the period | (630.0) | (17.2) | (647.2) | (1,211.3) |
Depreciation capitalised in PP&E | (42.3) | - | (42.3) | (90.3) |
Depreciation capitalised in inventories | (107.7) | - | (107.7) | (41.2) |
Asset disposals | - | (0.1) | (0.1) | - |
Zostatok na konci obdobia | 12,846.6 | 319.4 | 13,166.0 | 12,678.7 |
During the six months ended 30 June 2024, the total effect of depreciation capitalised within Property, plant and equipment or inventories in respect of assets relating to Los Pelambres, Centinela and Antucoya is $150.0 million (year ended 31 December 2023 - $131.5 million), and has accordingly been excluded from the depreciation charge recorded in the income statement as shown in Note 5.
At 30 June 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to $4,216.1 million (31 December 2023 - $978.3 million).
Depreciation capitalised in property, plant and equipment of $42.3 million related to the depreciation of assets used in mine development (operating stripping) at Centinela, Los Pelambres and Antucoya (year ended 31 December 2023 - $90.3 million).
13. Disposal of investment in Tethyan joint venture
In May 2023 the Group received the $944.7 million cash proceeds in respect of its agreement to exit its 50% interest in the Tethyan joint venture, which was a joint venture with Barrick Gold Corporation ("Barrick") in respect of the Reko Diq project in Pakistan.
14. Investície do pridružených a spoločných podnikov
The investments which are included in the $1,717.0 million balance at 30 June 2024 are set out below:
| At 30.06.2024 | At 31.12.2023 |
| $m | $m |
|
| |
Buenaventura | 820.9 | - |
ATI | 10.0 | 9.8 |
Zaldívar | 886.1 | 881.3 |
Spolu | 1,717.0 | 891.1 |
Investície do spoločníkov
● Buenaventura - during 2023, the Group entered into an agreement to acquire up to 30 million shares in Buenaventura, representing approximately 12% of Buenaventura's issued share capital. In addition, the Group held as of 31 December 2023 an existing holding of approximately 18.1 million shares in Buenaventura, representing approximately 7% of Buenaventura's issued share capital. In March 2024, the transaction pursuant to the agreement completed, resulting in the Group holding approximately 48.1 million shares in Buenaventura, representing approximately 19% of Buenaventura's issued share capital. Two Antofagasta officers were elected to Buenaventura's Board in March 2024. Taking into account relevant factors including the Group's approximately 19% interest in Buenaventura's issued share capital and the Group's representation on Buenaventura's Board, the Group is considered to have significant influence (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition) over Buenaventura from March 2024 onwards. Accordingly, the Group's interest in Buenaventura has been accounted for as an investment in associate from that point.
Immediately prior to the transaction completing in March 2024, the Group's existing 7% equity interest was carried at a fair value of $305.9m and the financial asset relating to the agreement to acquire the 12% interest was carried at a fair of $508.2m, with both valuations being based on the quoted share price of Buenaventura on that date. On completion, these two assets were de-recognised and the investments in associate was initially recognised at an equivalent value of $814.1m with no gain or loss arising.
The Group has undertaken a provisional exercise to recognise the identifiable assets and liabilities effectively included within the investments in associate balance at their acquisition-date fair values and expects to complete this exercise during the second half of 2024.
· ATI - the Group's 30% interest in Antofagasta Terminal Internacional ("ATI"), which operates a concession to manage installations in the port of Antofagasta.
Investície do spoločných podnikov
· Zaldívar - the Group's 50% interest in Minera Zaldívar SpA ("Zaldívar").
15. Borrowings and other financial liabilities
At | At | |
30.06.2024 | 31.12.2023 | |
$m | $m | |
výpožičky |
| |
Los Pelambres | ||
- Senior loan | (1,886.4) | (2,067.2) |
- Other loans | (475.0) | - |
hliadka |
| |
- Senior loan | (277.3) | (166.3) |
- Other loans | (310.0) | (265.0) |
Antucoya |
| |
- Senior loan | (149.3) | (174.1) |
- Subordinated debt | (196.3) | (187.6) |
Railway and other transport services |
| |
- Senior loan | - | (5.0) |
(3,294.3) | (2,865.2) | |
| ||
Dlhopisy |
| |
Corporate and other items | (1,729.1) | (986.8) |
(1,729.1) | (986.8) | |
| ||
Ostatné finančné záväzky |
| |
hliadka1 | (600.0) | - |
(600.0) | - | |
Prenájmy |
| |
Los Pelambres | (38.2) | (45.2) |
hliadka | (171.7) | (142.8) |
Antucoya | (18.7) | (17.4) |
Corporate and other items | (15.1) | (18.4) |
Railway and other transport services | (1.2) | (0.9) |
(244.9) | (224.7) | |
| ||
Preferenčné akcie |
| |
Corporate and other items | (2.5) | (2.5) |
(2.5) | (2.5) | |
|
| |
Spolu | (5,870.8) | (4,079.2) |
At 30 June 2024, $3,361.5 million (December 2023 - $1,219.0 million) of the borrowings and other financial liabilities has fixed rate interest and $2,509.3 million (December 2023 - $2,860.2 million) has floating rate interest.
1In June 2024, the Group announced completion of the process whereby Minera Centinela ("Centinela") entered into a water transportation agreement, involving its existing water supply and future water supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela's existing water transportation assets and rights have been transferred to an international consortium for net cash proceeds of $600 million, which was received as of late June 2024. For accounting purposes, the existing assets remain in the Group's balance sheet, with the cash receipt resulting in the recognition of a corresponding other financial liability balance.
In March 2024 Centinela put in place $2,500 million of project financing for its Second Concentrator Project. As of 30 June 2024, Centinela had drawn down $284 million of this financing, leaving $2,216 million undrawn at that date.
On 30 December 2022, Antofagasta plc agreed a revolving credit facility "RCF" of US$500 million with a group of six banks and where the Canadian Imperial Bank of Commerce "CIBC" has the role of Administrative Agent. This revolving credit facility has a term of three years, which expires on 30 December 2025.
|
Facility available
|
| ťahané |
| Nečerpané | |||
30 júna 2024 | 31 decembra 2023 | 30 júna 2024 | 31 decembra 2023 | 30 júna 2024 | 31 decembra 2023 | |||
$m | $m | $m | $m | $m | $m | |||
Revolvingový úverový nástroj | 500.0 | 500.0 | - | - | 500.0 | 500.0 |
16. Reconciliation of profit before tax to net cash flow from operating activities
| At 30.06.2024 | At 30.06.2023 |
| $m | $m |
|
| |
Zisk pred zdanením | 712.6 | 764.5 |
Odpisy a amortizácia | 647.2 | 511.3 |
Net finance expense/(income) - excluding exceptional items | 26.9 | 8.8 |
Net share of (profit) /loss of associates and joint ventures | (17.2) | 0.4 |
Exceptional fair value gain in respect of other financial asset | (51.0) | - |
(Nárast) zásob | (131.9) | (115.2) |
Zníženie/(zvýšenie) dlžníkov | 247.0 | 256.8 |
Zvýšenie/(zníženie) veriteľov | 56.8 | (153.8) |
(zníženie)/zvýšenie rezerv | (6.5) | 23.6 |
Peňažný tok generovaný z operácií | 1,483.9 | 1,296.4 |
17. Analysis of changes in net debt
Za obdobie končiace sa 30. júna 2024
V 31.12.2023 | Peňažné toky | Zisk reálnej hodnoty | Nové nájomné zmluvy | Amortizácia finančných nákladov | Kapitalizácia úrokov | Reklasifikácia | výmena | V 30.06.2024 | |
$m | $m | $m | $m | $m | $m | $m | $m | $m | |
|
| ||||||||
Peňažné prostriedky a ich ekvivalenty | 644.7 | 867.1 | - | - | - | - | - | (3.3) | 1,508.5 |
Likvidné investície | 2,274.7 | 648.9 | 0.1 | - | - | - | - | - | 2,923.7 |
Total cash and cash equivalents and liquid investments | 2,919.4 | 1,516.0 | 0.1 | - | - | - | - | (3.3) | 4,432.2 |
Pôžičky splatné do jedného roka | (794.1) | (204.7) | - | - | - | - | (318.0) | - | (1,316.8) |
Pôžičky splatné po jednom roku | (3,057.9) | (951.8) | - | - | (6.2) | (8.8) | 318.0 | - | (3,706.7) |
Other financial liabilities due within one year | - | (10.7) | - | - | - | - | - | - | (10.7) |
Other financial liabilities due after one year | - | (589.3) | - | - | - | - | - | - | (589.3) |
Leases due within one year | (107.8) | 74.5 | - | - | - | - | (100.0) | - | (133.3) |
Leases due after one year | (116.9) | - | - | (109.2) | - | - | 100.0 | 14.6 | (111.5) |
Preferenčné akcie | (2.5) | - | - | - | - | - | - | - | (2.5) |
Celkové záväzky z finančných činností | (4,079.2) | (1,682.0) | - | (109.2) | (6.2) | (8.8) | - | 14.6 | (5,870.8) |
Čistý dlh | (1,159.8) | (166.0) | 0.1 | (109.2) | (6.2) | (8.8) | - | 11.3 | (1,438.6) |
Za obdobie do 31
V 31.12.2022 | Peňažné toky | Zisky reálnej hodnoty | Nové nájomné zmluvy | Amortizácia finančných nákladov | Kapitalizácia úrokov | ostatné | Reklasifikácia | Zahraničná výmena | V 31.12.2023 | |
$m | $m | $m | $m | $m | $m | $m | $m | $m | $m | |
| ||||||||||
Peňažné prostriedky a ich ekvivalenty | 810.4 | (162.0) | - | - | - | - | - | - | (3.7) | 644.7 |
Likvidné investície | 1,580.8 | 674.2 | 19.7 | - | - | - | - | - | - | 2,274.7 |
Spolu | 2,391.2 | 512.2 | 19.7 | - | - | - | - | - | (3.7) | 2,919.4 |
Pôžičky splatné do jedného roka | (377.4) | 116.7 | - | - | - | - | - | (533.4) | - | (794.1) |
Pôžičky splatné po jednom roku | (2,765.4) | (797.2) | - | - | (12.7) | (16.0) | - | 533.4 | - | (3,057.9) |
Leases due within one year | (55.1) | 81.2 | - | - | - | - | - | (133.9) | - | (107.8) |
Leases due after one year | (76.6) | - | - | (178.6) | - | - | - | 133.9 | 4.4 | (116.9) |
Preferenčné akcie | (2.5) | - | - | - | - | - | - | - | - | (2.5) |
Celkové záväzky z finančných činností | (3,277.0) | (599.3) | - | (178.6) | (12.7) | (16.0) | - | - | 4.4 | (4,079.2) |
Čistý dlh | (885.8) | (87.1) | 19.7 | (178.6) | (12.7) | (16.0) | - | - | 0.7 | (1,159.8) |
Čistý dlh
Net debt at the end of each period was as follows:
At 30.06.2024 | At 31.12.2023 | |
$m | $m | |
| ||
Cash, cash equivalents and liquid investments | 4,432.2 | 2,919.4 |
Celkové záväzky z finančných činností | (5,870.8) | (4,079.2) |
Čistý dlh | (1,438.6) | (1,159.8) |
18. Transakcie so spriaznenými stranami
a) Joint ventures
The Group has a 50% interest in Minera Zaldívar, which is a joint venture with Barrick Gold Corporation. During the six months ended 30 June 2024, the Group has not received dividends from Minera Zaldívar (six months ended 30 June 2023 - nil).
b) Associates
The Group has a 18.9% interest in Compañía de Minas Buenaventura S.A.A, which is an associate. During the six months ended 30 June 2024, the Group has received dividends from Buenaventura of $3.5 million.
c) Other related parties
The ultimate parent company of the Group is Metalinvest Establishment, which is controlled by the E. Abaroa Foundation, in which members of the Luksic family are interested. The Company's subsidiaries, in the ordinary course of business, enter into various sale and purchase transactions with companies also controlled by members of the Luksic family, including Banco de Chile S.A., BanChile Corredores de Bolsa S.A., ENEX S.A. and Compañía de Inversiones Adriático S.A. These transactions were all on normal commercial terms.
The Group holds a 51% interest in Antomin 2 Limited ("Antomin 2") and Antomin Investors Limited ("Antomin Investors"), which own a number of copper exploration properties. The Group originally acquired its 51% interest in these properties for a nominal consideration from Mineralinvest Establishment, a company controlled by the Luksic family, which continues to hold the remaining 49% of Antomin 2 and Antomin Investors. The Group is responsible for any exploration costs relating to the properties held by these entities. During the six months ended 30 June 2024, the Group incurred $0.1 million (30 June 2023 - $0.1 million) of exploration costs at these properties.
19. Litigation and contingent liabilities
The Group is subject from time to time to legal proceedings, claims, complaints and investigations arising out of the ordinary course of business. The Group cannot predict the outcome of individual legal actions or claims or complaints or investigations. As a result, the Group may become subject to liabilities that could affect the Group's business, financial position and reputation. Litigation is inherently unpredictable and large judgments may at times occur. The Group may incur, in the future, judgments or enter into settlements of claims that could lead to material cash outflows. The Group considers that no material loss to the Group is expected to result from the legal proceedings, claims, complaints and investigations that the Group is currently subject to. A provision is recognized for legal claims where the Group has a present obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
VYHLÁSENIE O ZODPOVEDNOSTI
Podľa nášho najlepšieho vedomia potvrdzujeme:
a) skrátená účtovná závierka bola zostavená v súlade s IAS 34 Priebežné finančné výkazníctvo;
b) the half yearly financial report includes a fair review of the information required by DTR 4.2.7R (being an indication of important events that have occurred during the first six months of the financial year, and their impact on the half yearly financial report and a description of the principal risks and uncertainties for the remaining six months of the financial year); and
c) the half yearly financial report includes a fair review of the information required by DTR 4.2.8R (being disclosure of related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or the performance of the Group during that period and any changes in the related party transactions described in the last annual report that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year).
Na základe príkazu predstavenstva
Jean-Paul Luksic Francisca Castro
Chairman Senior Independent Director
Independent Review Report to Antofagasta plc
záver
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2024 which comprises the condensed consolidated income statement, the condensed consolidated balance sheet, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated cash flow statement and related notes 1 to 19.
Na základe našej kontroly sme nezistili nič, čo by nás viedlo k presvedčeniu, že skrátená účtovná závierka v polročnej finančnej správe za šesť mesiacov končiacich sa 30. júna 2024 nie je vo všetkých významných hľadiskách zostavená v súlade s Spojené kráľovstvo prijalo Medzinárodný účtovný štandard 34 a Pravidlá zverejňovania a transparentnosti Úradu pre finančné správanie Spojeného kráľovstva.
Základ pre záver
Našu kontrolu sme vykonali v súlade s Medzinárodným štandardom pre zákazky na preskúmanie (UK) 2410 „Preskúmanie priebežných finančných informácií vykonávaných nezávislým audítorom jednotky“ vydaným Radou pre finančné výkazníctvo na použitie v Spojenom kráľovstve (ISRE (UK) 2410) . Previerka priebežných finančných informácií pozostáva z dotazovania sa predovšetkým osôb zodpovedných za finančné a účtovné záležitosti a uplatňovania analytických a iných kontrolných postupov. Previerka má podstatne menší rozsah ako audit vykonaný v súlade s Medzinárodnými audítorskými štandardmi (Spojené kráľovstvo), a preto nám neumožňuje získať uistenie, že sa dozvieme o všetkých dôležitých záležitostiach, ktoré by sa mohli pri audite identifikovať. Preto nevyjadrujeme audítorský názor.
Ako je uvedené v poznámke 1, ročná účtovná závierka skupiny je zostavená v súlade s medzinárodnými účtovnými štandardmi prijatými v Spojenom kráľovstve. Skrátený súbor účtovných závierok zahrnutý v tejto polročnej finančnej správe bol pripravený v súlade s Medzinárodným účtovným štandardom 34 prijatým Spojeným kráľovstvom, "Finančné vykazovanie v priebehu účtovného roka".
Záver týkajúci sa pokračovania v obavách
Na základe našich kontrolných postupov, ktoré sú menej rozsiahle ako tie, ktoré sa vykonali pri audite, ako je opísané v časti Základy pre záver tejto správy, sme nezistili nič, čo by naznačovalo, že riaditelia nesprávne prijali zásadu nepretržitého pokračovania v účtovníctve alebo že Riaditelia identifikovali významné neistoty týkajúce sa nepretržitého pokračovania v činnosti, ktoré nie sú náležite zverejnené.
Tento záver je založený na kontrolných postupoch vykonaných v súlade s ISRE (UK) 2410; avšak budúce udalosti alebo podmienky môžu spôsobiť, že jednotka prestane pokračovať v nepretržitej činnosti.
Zodpovednosti riaditeľov
Riaditelia sú zodpovední za prípravu polročnej finančnej správy v súlade s pokynmi pre zverejňovanie a pravidlami transparentnosti Úradu pre finančné správanie Spojeného kráľovstva.
Pri príprave polročnej finančnej správy sú riaditelia zodpovední za posúdenie schopnosti skupiny nepretržite pokračovať v činnosti, zverejnenie informácií o záležitostiach týkajúcich sa nepretržitého pokračovania v činnosti, ak je to vhodné, a použitie princípu nepretržitého pokračovania v činnosti v účtovníctve, s výnimkou prípadu, keď majú v úmysle zlikvidovať skupinu. spoločnosť alebo ukončiť činnosť, alebo nemajú inú reálnu alternatívu, ako tak urobiť.
Zodpovednosť audítora za kontrolu finančných informácií
Pri kontrole polročnej finančnej správy sme zodpovední za vyjadrenie záveru spoločnosti o skrátenej účtovnej závierke v polročnej finančnej správe. Náš záver, vrátane nášho Záveru týkajúceho sa pokračovania v činnosti, je založený na postupoch, ktoré sú menej rozsiahle ako audítorské postupy, ako je opísané v odseku Základy pre záver tejto správy.
Použitie našej správy
Táto správa sa predkladá výlučne spoločnosti v súlade s ISRE (UK) 2410. Naša práca bola vykonaná preto, aby sme spoločnosti mohli oznámiť záležitosti, ktoré sme jej povinní oznámiť v nezávislej revíznej správe a na žiadny iný účel. V najväčšom rozsahu povolenom zákonom neprijímame ani nepreberáme zodpovednosť voči nikomu inému ako spoločnosti za našu prácu na preskúmaní, za túto správu alebo za závery, ktoré sme vytvorili.
Deloitte LLP
štatutárny audítor
Londýn, Veľká Británia
Augusta 19 2024
Alternative performance measures (not subject to audit or review)
This consolidated financial information includes a number of alternative performance measures, in addition to amounts in accordance with UK-adopted International Accounting Standards. These measures are included because they are considered to provide relevant and useful additional information to users of the accounts. Set out below are definitions of these alternative performance measures, explanations as to why they are considered to be relevant and useful, and reconciliations to the IFRS figures.
a) Underlying earnings per share
Underlying earnings per share is earnings per share from continuing operations, excluding exceptional items. This measure is reconciled to earnings per share from continuing and discontinued operations (including exceptional items) on the face of the income statement. This measure is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group, excluding the impact of exceptional items which are irregular or non-operating in nature.
b) EBITDA
EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.
EBITDA is considered to provide a useful and comparable indication of the current operational earnings performance of the business, excluding the impact of the historical cost of property, plant & equipment or the particular financing structure adopted by the business.
Za šesť mesiacov končiacich 30. júna 2024
Los Pelambres | hliadka | Antucoya | Zaldívar | Prieskum a hodnotenie | Corporate and other items | Baníctvo | Railway and other transport services | Spolu | |
$m | $m | $m | $m | $m | $m | $m | $m | $m | |
| |||||||||
prevádzkový zisk/(strata) | 675.6 | (29.9) | 78.1 | - | (26.8) | (47.3) | 649.7 | 21.6 | 671.3 |
Odpisy a amortizácia | 209.5 | 359.8 | 55.8 | - | - | 4.9 | 630.0 | 17.2 | 647.2 |
EBITDA z dcérskych spoločností | 885.1 | 329.9 | 133.9 | - | (26.8) | (42.4) | 1,279.7 | 38.8 | 1,318.5 |
Proportional share of the EBITDA from associates and JVs | - | - | - | 50.9 | - | 21.3 | 72.2 | 3.7 | 75.9 |
Celková EBITDA | 885.1 | 329.9 | 133.9 | 50.9 | (26.8) | (21.1) | 1,351.9 | 42.5 | 1,394.4 |
Za šesť mesiacov končiacich 30. júna 2023
Los Pelambres | hliadka | Antucoya | Zaldívar | Prieskum a hodnotenie | Corporate and other items | Baníctvo | Railway and other transport services | Spolu | |
$m | $m | $m | $m | $m | $m | $m | $m | $m | |
| |||||||||
prevádzkový zisk/(strata) | 618.9 | 171.2 | 49.9 | - | (29.3) | (59.6) | 751.1 | 22.6 | 773.7 |
Odpisy a amortizácia | 137.5 | 300.6 | 52.3 | - | - | 7.9 | 498.3 | 13.0 | 511.3 |
EBITDA z dcérskych spoločností | 756.4 | 471.8 | 102.2 | - | (29.3) | (51.7) | 1,249.4 | 35.6 | 1,285.0 |
Proportional share of the EBITDA from associates and JVs | - | - | - | 42.5 | - | - | 42.5 | 3.5 | 46.0 |
EBITDA | 756.4 | 471.8 | 102.2 | 42.5 | (29.3) | (51.7) | 1,291.9 | 39.1 | 1,331.0 |
c) Cash costs
Cash costs are a measure of the cost of operational production expressed in terms of cents per pound of payable copper produced.
This is considered to be a useful and relevant measure as it is a standard industry measure applied by most major copper mining companies which reflects the direct costs involved in producing each pound of copper. It therefore allows a straightforward comparison of the unit production cost of different mines, and allows an assessment of the position of a mine on the industry cost curve. It also provides a simple indication of the profitability of a mine when compared against the price of copper (per lb).
With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a "treatment and refining charge" deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount reflects the invoiced price (which reflects the net of the market value of fully refined metal less the treatment and refining charges). Under the standard industry definition of cash costs, treatment and refining charges are regarded as part of the total cash cost figure.
V 30.06.2024 | V 30.06.2023 | |
| ||
Reconciliation of cash costs excluding treatment & refining charges and by-product revenue: |
| |
|
| |
Total Group operating costs (Note 5) ($m) | 2,283.9 | 2,116.4 |
Zaldívar operating costs (attributable basis - 50%) | 123.7 | 129.0 |
Menej: |
| |
Depreciation and amortisation (Note 5) ($m) | (647.2) | (511.3) |
Corporate and other items - Total operating cost (excluding depreciation) (Note 5) ($m) | (42.4) | (51.7) |
Exploration and evaluation - Total operating cost (excluding depreciation) (Note 5) ($m) | (26.8) | (29.3) |
Transport division - Total operating cost (excluding depreciation) (Note 5) ($m) | (59.2) | (62.9) |
Closure provision and other expenses not included within cash costs ($m) | (75.6) | (62.1) |
Inventories variation | 44.4 |